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Exact name of registrant as specified in its charter,
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Commission
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state of incorporation, address of principal
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I.R.S. Employer
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File Number
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executive offices and telephone number
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Identification Number
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001-38515
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EVERGY, INC.
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82-2733395
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000-51873
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EVERGY METRO, INC.
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44-0308720
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Evergy, Inc. common stock
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EVRG
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New York Stock Exchange
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Evergy Kansas Central, Inc. and Evergy Metro, Inc. meet the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and are therefore filing this Form 10-K with the reduced disclosure format.
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TABLE OF CONTENTS
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Page
Number
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Item 1.
|
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
|
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Item 5.
|
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Item 6.
|
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Item 7.
|
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Item 7A.
|
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Item 8.
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Item 9.
|
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Item 9A.
|
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Item 9B.
|
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Abbreviation or Acronym
|
|
Definition
|
|
|
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ACE
|
|
Affordable Clean Energy
|
AEP
|
|
American Electric Power Company, Inc.
|
AFUDC
|
|
Allowance for Funds Used During Construction
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Amended Merger Agreement
|
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Amended and Restated Agreement and Plan of Merger, dated as of July 9, 2017, by and among Great Plains Energy, Evergy Kansas Central, Monarch Energy Holding, Inc. and King Energy, Inc.
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AMT
|
|
Alternative Minimum Tax
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AROs
|
|
Asset Retirement Obligations
|
ASC
|
|
Accounting Standards Codification
|
ASR
|
|
Accelerated share repurchase
|
ASU
|
|
Accounting Standards Update
|
BSER
|
|
Best system of emission reduction
|
CAA
|
|
Clean Air Act Amendments of 1990
|
CCRs
|
|
Coal combustion residuals
|
CO2
|
|
Carbon dioxide
|
COLI
|
|
Corporate-owned life insurance
|
CPP
|
|
Clean Power Plan
|
CWA
|
|
Clean Water Act
|
D.C. Circuit
|
|
U.S. Court of Appeals for the D.C. Circuit
|
DOE
|
|
Department of Energy
|
EIRR
|
|
Environmental Improvement Revenue Refunding
|
ELG
|
|
Effluent limitations guidelines
|
EPA
|
|
Environmental Protection Agency
|
EPS
|
|
Earnings per common share
|
ERISA
|
|
Employee Retirement Income Security Act of 1974, as amended
|
ERSP
|
|
Earnings Review and Sharing Plan
|
Evergy
|
|
Evergy, Inc. and its consolidated subsidiaries
|
Evergy Board
|
|
Evergy Board of Directors
|
Evergy Companies
|
|
Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group
|
Abbreviation or Acronym
|
|
Definition
|
Evergy Kansas Central
|
|
Evergy Kansas Central, Inc., formerly known as Westar Energy, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
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Evergy Kansas South
|
|
Evergy Kansas South, Inc., formerly known as Kansas Gas and Electric Company, a wholly-owned subsidiary of Evergy Kansas Central
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Evergy Metro
|
|
Evergy Metro, Inc., formerly known as Kansas City Power & Light Company, a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
|
Evergy Metro Mortgage Indenture
|
|
Evergy Metro General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented
|
Evergy Missouri West
|
|
Evergy Missouri West, Inc., formerly known as KCP&L Greater Missouri Operations Company, a wholly-owned subsidiary of Evergy
|
Evergy Transmission Company
|
|
Evergy Transmission Company, LLC, formerly known as GPE Transmission Holding Company, LLC
|
Exchange Act
|
|
The Securities Exchange Act of 1934, as amended
|
FASB
|
|
Financial Accounting Standards Board
|
FERC
|
|
Federal Energy Regulatory Commission
|
FMB
|
|
First Mortgage Bond
|
GAAP
|
|
Generally Accepted Accounting Principles
|
GHG
|
|
Greenhouse gas
|
Great Plains Energy
|
|
Great Plains Energy Incorporated
|
JEC
|
|
Jeffrey Energy Center
|
KCC
|
|
State Corporation Commission of the State of Kansas
|
KDHE
|
|
Kansas Department of Health & Environment
|
King Energy
|
|
King Energy, Inc., a wholly-owned subsidiary of Evergy
|
kWh
|
|
Kilowatt hour
|
LIBOR
|
|
London Interbank Offered Rate
|
LTISA
|
|
Long-Term Incentive and Share Award plan
|
MDNR
|
|
Missouri Department of Natural Resources
|
MECG
|
|
Midwest Energy Consumers Group
|
MEEIA
|
|
Missouri Energy Efficiency Investment Act
|
Monarch Energy
|
|
Monarch Energy Holding, Inc.
|
MPSC
|
|
Public Service Commission of the State of Missouri
|
MW
|
|
Megawatt
|
MWh
|
|
Megawatt hour
|
NAAQS
|
|
National Ambient Air Quality Standards
|
NAV
|
|
Net Asset Value
|
NRC
|
|
Nuclear Regulatory Commission
|
NSR
|
|
New source review
|
OCI
|
|
Other comprehensive income
|
OPC
|
|
Office of the Public Counsel
|
PISA
|
|
Plant-in service accounting
|
Prairie Wind
|
|
Prairie Wind Transmission, LLC, 50% owned by Evergy Kansas Central
|
RSU
|
|
Restricted share unit
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RTO
|
|
Regional transmission organization
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SEC
|
|
Securities and Exchange Commission
|
SPP
|
|
Southwest Power Pool, Inc.
|
TCJA
|
|
Tax Cuts and Jobs Act
|
Abbreviation or Acronym
|
|
Definition
|
TCR
|
|
Transmission Congestion Rights
|
TFR
|
|
Transmission formula rate
|
Transource
|
|
Transource Energy, LLC and its subsidiaries, 13.5% owned by Evergy Transmission Company
|
VIE
|
|
Variable interest entity
|
Wolf Creek
|
|
Wolf Creek Generating Station
|
•
|
Evergy Kansas Central, Inc. (Evergy Kansas Central), formerly known as Westar Energy, Inc., is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South), formerly known as Kansas Gas and Electric Company.
|
•
|
Evergy Metro, Inc. (Evergy Metro), formerly known as Kansas City Power & Light Company, is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
|
•
|
Evergy Missouri West, Inc. (Evergy Missouri West), formerly known as KCP&L Greater Missouri Operations Company, is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
|
•
|
Evergy Transmission Company, LLC (Evergy Transmission Company), formerly known as GPE Transmission Holding Company, LLC, owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.
|
|
2019
|
|
2018
|
|
2017
|
Residential
|
37%
|
|
37%
|
|
32%
|
Commercial
|
35%
|
|
32%
|
|
28%
|
Industrial
|
12%
|
|
12%
|
|
16%
|
Wholesale
|
7%
|
|
10%
|
|
12%
|
Transmission
|
6%
|
|
7%
|
|
11%
|
Other
|
3%
|
|
2%
|
|
1%
|
Total
|
100%
|
|
100%
|
|
100%
|
|
Regulator
|
Allowed Return on Equity
|
Rate-Making Equity Ratio
|
Effective Date
|
Evergy Kansas Central (a)
|
KCC
|
9.3%
|
51.46%
|
September 2018
|
Evergy Metro - Kansas
|
KCC
|
9.3%
|
49.09%
|
December 2018
|
Evergy Metro - Missouri
|
MPSC
|
(b)
|
(b)
|
December 2018
|
Evergy Missouri West
|
MPSC
|
(b)
|
(b)
|
December 2018
|
Fuel Type
|
Estimated MW Capacity
|
Percent of Total Capacity
|
|||
Coal
|
5,903
|
|
40
|
|
%
|
Natural gas and oil
|
3,988
|
|
27
|
|
|
Wind (a)
|
3,642
|
|
24
|
|
|
Uranium
|
1,104
|
|
8
|
|
|
Solar, landfill gas and hydroelectric (b)
|
72
|
|
1
|
|
|
Total capacity
|
14,709
|
|
100
|
|
%
|
•
|
retiring fossil fuel generation;
|
•
|
developing renewable energy facilities;
|
•
|
collaborating with regulators to offer customers the opportunity to procure electricity produced with renewable resources; and
|
•
|
investing in customer energy efficiency programs.
|
|
|
|
|
Fuel cost in cents per
|
|||
|
Fuel Mix(a)
|
|
net kWh delivered (b)
|
||||
|
Actual
|
|
Actual
|
||||
Fuel
|
2019
|
|
2019
|
||||
Coal
|
50
|
%
|
|
$2.03
|
|||
Wind, hydroelectric, landfill gas and solar
|
27
|
|
|
2.36
|
|||
Uranium
|
18
|
|
|
0.60
|
|||
Natural gas and oil
|
5
|
|
|
2.91
|
|||
Total
|
100
|
%
|
|
$1.94
|
Name
|
Age
|
Current Position(s)
|
Year First Assumed an Officer Position
|
Terry Bassham (a)
|
59
|
President and Chief Executive Officer
|
2005
|
Kevin E. Bryant (b)
|
44
|
Executive Vice President and Chief Operating Officer
|
2006
|
Gregory A. Greenwood (c)
|
54
|
Executive Vice President, Strategy and Chief Administrative Officer
|
2003
|
Anthony D. Somma (d)
|
56
|
Executive Vice President and Chief Financial Officer
|
2006
|
Jerl L. Banning (e)
|
58
|
Senior Vice President and Chief People Officer
|
2010
|
Charles A. Caisley (f)
|
46
|
Senior Vice President, Marketing and Public Affairs and Chief Customer Officer
|
2011
|
Heather A. Humphrey (g)
|
49
|
Senior Vice President, General Counsel and Corporate Secretary
|
2010
|
Charles L. King (h)
|
55
|
Senior Vice President and Chief Technology Officer
|
2013
|
Steven P. Busser (i)
|
51
|
Vice President - Risk Management and Controller
|
2014
|
(a)
|
Mr. Bassham was appointed President and Chief Executive Officer of Evergy, Inc. in June 2018. Mr. Bassham served as Chairman of the Board of Great Plains Energy (2013-2018) and had served as Chief Executive Officer of Great Plains Energy, Evergy Metro and Evergy Missouri West since 2012. He has served as President of each company since 2011. He previously served as President and Chief Operating Officer of Great Plains Energy, Evergy Metro and Evergy Missouri West (2011-2012) and as Executive Vice President - Utility Operations of Evergy Metro and Evergy Missouri West (2010-2011). He was Executive Vice President - Finance and Strategic Development and Chief Financial Officer of Great Plains Energy (2005-2010) and of Evergy Metro and Evergy Missouri West (2009-2010).
|
(b)
|
Mr. Bryant was appointed Executive Vice President and Chief Operating Officer of Evergy, Inc. in June 2018. Mr. Bryant previously served as Senior Vice President - Finance and Strategy and Chief Financial Officer of Great Plains Energy, Evergy Metro and Evergy Missouri West (2015-2018). He previously served as Vice President - Strategic Planning of Great Plains Energy, Evergy Metro and Evergy Missouri West (2014). He served as Vice President - Investor Relations and Strategic Planning and Treasurer of Great Plains Energy, Evergy Metro and Evergy Missouri West (2013). He served as Vice President - Investor Relations and Treasurer of Great Plains Energy, Evergy Metro and Evergy Missouri West (2011-2013). He was Vice President - Strategy and Risk Management of Evergy Metro and Evergy Missouri West (2011) and Vice President - Energy Solutions of Evergy Metro (2006-2011) and Evergy Missouri West (2008-2011).
|
(c)
|
Mr. Greenwood was appointed Executive Vice President, Strategy and Chief Administrative Officer of Evergy, Inc. in June 2018. Mr. Greenwood previously served in the following officer roles for Evergy Kansas Central: Senior Vice President, Strategy (2011-2018); Vice President, Major Construction Projects (2006-2011); and Treasurer (2003-2006). Mr. Greenwood also served in the following roles for Evergy Kansas Central: Executive/Senior Director, Corporate Finance (1999-2003); Director, Financial Strategy and Acting Director, Internal Audit (1999-2000); and Director, Financial Strategy (1998-1999). Mr. Greenwood joined Evergy Kansas Central in 1993.
|
(d)
|
Mr. Somma was appointed Executive Vice President and Chief Financial Officer of Evergy, Inc. in June 2018. Mr. Somma previously served as Senior Vice President, Chief Financial Officer and Treasurer (2011-2018) for Evergy Kansas Central, after having been appointed as Treasurer in 2006 and Vice President in 2009. He also served as Executive Director, Generation (2004-2006), Executive Director, Finance (1998-1999) and Director, Corporate Strategy (1996-1998) of Evergy Kansas Central, after having joined the company in 1994. From 1999 to 2004, Mr. Somma served in various leadership roles with a former affiliate of Evergy Kansas Central, including Senior Vice President, Finance and Administration, Chief Financial Officer and Secretary.
|
(e)
|
Mr. Banning was appointed Senior Vice President and Chief People Officer of Evergy, Inc. in June 2018. Mr. Banning previously served in the following officer roles for Evergy Kansas Central: Senior Vice President, Operations Support and Administration (2015-2018); Vice President, Human Resources and IT (2014); and Vice President, Human Resources (2010- 2013). Mr. Banning also served as Executive Director of Human Resources for Evergy Kansas Central (2008-2010).
|
(f)
|
Mr. Caisley was appointed Senior Vice President, Marketing and Public Affairs and Chief Customer Officer of Evergy, Inc. in June 2018. Mr. Caisley served as Vice President - Marketing and Public Affairs of Great Plains Energy, Evergy Metro and Evergy Missouri West (2011-2018). He was Senior Director of Public Affairs (2008-2011) and Director of Governmental Affairs of Evergy Metro (2007-2008).
|
(g)
|
Ms. Humphrey was appointed Senior Vice President, General Counsel and Corporate Secretary of Evergy, Inc. in June 2018. Ms. Humphrey previously served as Senior Vice President - Corporate Services and General Counsel of Great Plains Energy, Evergy Metro and Evergy Missouri West (2016-2018). She previously served as General Counsel (2010-2016) and Senior Vice President - Human Resources of Great Plains Energy, Evergy Metro and Evergy Missouri West (2012-2016). She served as Vice President - Human Resources of Great Plains Energy, Evergy Metro and Evergy Missouri West (2010-2012). She was Senior Director of Human Resources and Interim General Counsel of Great Plains Energy, Evergy Metro and Evergy Missouri West (2010) and Managing Attorney of Evergy Metro (2007-2010).
|
(h)
|
Mr. King was appointed Senior Vice President and Chief Technology Officer of Evergy, Inc. in February 2020. He previously served as Senior Vice President, Information Technology and Chief Information Officer (2019) and Vice President, Information Technology and Chief Information Officer (2018-2019) of Evergy, Inc. Prior to that, he served as Vice President - Information Technology (2013-2018), as Senior Director of Information Technology Applications and Delivery (2013) and Director of Information Technology Applications (2011-2013) of Evergy Metro and Evergy Missouri West. Mr. King also served in various roles, including leadership roles, with Dish Network, CenturyLink, Sprint and Accenture.
|
(i)
|
Mr. Busser was appointed Vice President - Risk Management and Controller of Evergy, Inc. in June 2018. Mr. Busser was appointed Vice President - Risk Management and Controller of Great Plains Energy, Evergy Metro and Evergy Missouri West in 2016. He previously served as Vice President - Business Planning and Controller of Great Plains Energy, Evergy Metro and Evergy Missouri West (2014-2016). He served as Vice President - Treasurer of El Paso Electric Company (2011-2014). Prior to that, he served as Vice President - Treasurer and Chief Risk Officer (2006-2011) and Vice President - Regulatory Affairs and Treasurer (2004-2006) of El Paso Electric Company.
|
•
|
the ability to efficiently and effectively combine operations of the merged companies;
|
•
|
general market and economic conditions;
|
•
|
general competitive factors in the marketplace; and
|
•
|
higher than expected costs required to achieve the anticipated benefits of the merger.
|
|
|
|
|
|
|
Unit Capability (MW) By Owner(a)
|
||||||||||||
Station
|
Unit No.
|
Location
|
Year Completed
|
Fuel
|
Evergy Kansas Central
|
Evergy Metro
|
Evergy Missouri West
|
Total Company Generation
|
Renewable Purchased Power
|
Total Generation and Renewable Purchased Power
|
||||||||
Renewable Generation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Central Plains
|
|
|
Kansas
|
2009
|
Wind
|
99
|
|
—
|
|
—
|
|
99
|
|
—
|
|
|
99
|
|
Flat Ridge
|
|
|
Kansas
|
2009
|
Wind
|
50
|
|
—
|
|
—
|
|
50
|
|
50
|
|
(e)
|
100
|
|
Western Plains
|
|
|
Kansas
|
2017
|
Wind
|
281
|
|
—
|
|
—
|
|
281
|
|
—
|
|
|
281
|
|
Meridian Way
|
|
|
Kansas
|
2008
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
96
|
|
(e)
|
96
|
|
Ironwood
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
168
|
|
(e)
|
168
|
|
Post Rock
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
201
|
|
(e)
|
201
|
|
Cedar Bluff
|
|
|
Kansas
|
2015
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
199
|
|
(e)
|
199
|
|
Kay Wind
|
|
|
Oklahoma
|
2015
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
200
|
|
(e)
|
200
|
|
Ninnescah
|
|
|
Kansas
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
208
|
|
(e)
|
208
|
|
Kingman 1
|
|
|
Kansas
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
103
|
|
(e)
|
103
|
|
Kingman 2
|
|
|
Kansas
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
103
|
|
(e)
|
103
|
|
Rolling Meadows
|
|
|
Kansas
|
2010
|
Landfill Gas
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
(e)
|
6
|
|
Hutch Solar
|
|
|
Kansas
|
2017
|
Solar
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
(e)
|
1
|
|
Cimarron II
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
131
|
|
(f)
|
131
|
|
Spearville 1
|
|
|
Kansas
|
2006
|
Wind
|
—
|
|
101
|
|
—
|
|
101
|
|
—
|
|
|
101
|
|
Spearville 2
|
|
|
Kansas
|
2010
|
Wind
|
—
|
|
48
|
|
—
|
|
48
|
|
—
|
|
|
48
|
|
Spearville 3
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
101
|
|
(f)
|
101
|
|
Gray County
|
|
|
Kansas
|
2001
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
110
|
|
(g)
|
110
|
|
Ensign
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
99
|
|
(g)
|
99
|
|
Waverly
|
|
|
Kansas
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
200
|
|
(f)
|
200
|
|
Slate Creek
|
|
|
Kansas
|
2015
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
150
|
|
(f)
|
150
|
|
Rock Creek
|
|
|
Missouri
|
2017
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
300
|
|
(h)
|
300
|
|
Osborn
|
|
|
Missouri
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
201
|
|
(h)
|
201
|
|
Pratt
|
|
|
Kansas
|
2018
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
243
|
|
(h)
|
243
|
|
Greenwood Solar
|
|
|
Missouri
|
2016
|
Solar
|
—
|
|
—
|
|
3
|
|
3
|
|
—
|
|
|
3
|
|
Prairie Queen
|
|
|
Kansas
|
2019
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
200
|
|
(h)
|
200
|
|
CNPPID (NE) - Hydro
|
|
|
Nebraska
|
1941
|
Hydro
|
—
|
|
—
|
|
—
|
|
—
|
|
60
|
|
(f)
|
60
|
|
St Joseph Landfill
|
|
|
Missouri
|
2012
|
Landfill Gas
|
—
|
|
—
|
|
2
|
|
2
|
|
—
|
|
|
2
|
|
Total Renewable Generation:
|
|
|
|
|
430
|
|
149
|
|
5
|
|
584
|
|
3,130
|
|
|
3,714
|
|
|
Nuclear:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wolf Creek
|
1
|
(b)
|
Kansas
|
1985
|
Uranium
|
552
|
|
552
|
|
—
|
|
1,104
|
|
—
|
|
|
1,104
|
|
Total Nuclear:
|
|
|
|
|
|
552
|
|
552
|
|
—
|
|
1,104
|
|
—
|
|
|
1,104
|
|
|
|
|
|
|
|
Unit Capability (MW) By Owner(a)
|
||||||||||||
Station
|
Unit No.
|
Location
|
Year Completed
|
Fuel
|
Evergy Kansas Central
|
Evergy Metro
|
Evergy Missouri West
|
Total Company Generation
|
Renewable Purchased Power
|
Total Generation and Renewable Purchased Power
|
||||||||
Coal:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Jeffrey Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
1-3
|
(b)
|
|
1978, 1980 &1983
|
Coal
|
2,011
|
|
—
|
|
175
|
|
2,186
|
|
—
|
|
|
2,186
|
|
Lawrence Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
4 & 5
|
|
|
1960, 1971
|
Coal
|
486
|
|
—
|
|
—
|
|
486
|
|
—
|
|
|
486
|
|
La Cygne
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
1 & 2
|
(b)(c)
|
|
1973, 1977
|
Coal
|
699
|
|
699
|
|
—
|
|
1,398
|
|
—
|
|
|
1,398
|
|
Iatan
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
1 & 2
|
(b)
|
|
1980, 2010
|
Coal
|
—
|
|
981
|
|
288
|
|
1,269
|
|
—
|
|
|
1,269
|
|
Hawthorn
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
5
|
(d)
|
|
1969
|
Coal
|
—
|
|
564
|
|
—
|
|
564
|
|
—
|
|
|
564
|
|
Total Coal:
|
|
|
|
|
|
3,196
|
|
2,244
|
|
463
|
|
5,903
|
|
—
|
|
|
5,903
|
|
Gas and Oil:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Emporia Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 7
|
|
|
2008 - 2009
|
Natural Gas
|
645
|
|
—
|
|
—
|
|
645
|
|
—
|
|
|
645
|
|
Gordon Evans Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 3
|
|
|
2000 - 2001
|
Natural Gas
|
289
|
|
—
|
|
—
|
|
289
|
|
—
|
|
|
289
|
|
Hutchinson Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 3
|
|
|
1974
|
Natural Gas
|
165
|
|
—
|
|
—
|
|
165
|
|
—
|
|
|
165
|
|
|
4
|
|
|
1975
|
Oil
|
58
|
|
—
|
|
—
|
|
58
|
|
—
|
|
|
58
|
|
Spring Creek Energy Center
|
|
|
Oklahoma
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 4
|
|
|
2001
|
Natural Gas
|
272
|
|
—
|
|
—
|
|
272
|
|
—
|
|
|
272
|
|
State Line
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combined Cycle
|
2-1, 2-2 & 2-3
|
(b)
|
|
2001
|
Natural Gas
|
196
|
|
—
|
|
—
|
|
196
|
|
—
|
|
|
196
|
|
Hawthorn
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combined Cycle
|
6/9
|
|
|
2000
|
Natural Gas
|
—
|
|
225
|
|
—
|
|
225
|
|
—
|
|
|
225
|
|
Combustion Turbines
|
7 & 8
|
|
|
2000
|
Natural Gas
|
—
|
|
153
|
|
—
|
|
153
|
|
—
|
|
|
153
|
|
West Gardner
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 4
|
|
|
2003
|
Natural Gas
|
—
|
|
313
|
|
—
|
|
313
|
|
—
|
|
|
313
|
|
Osawatomie
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1
|
|
|
2003
|
Natural Gas
|
—
|
|
76
|
|
—
|
|
76
|
|
—
|
|
|
76
|
|
|
|
|
|
|
|
Unit Capability (MW) By Owner(a)
|
||||||||||||
Station
|
Unit No.
|
Location
|
Year Completed
|
Fuel
|
Evergy Kansas Central
|
Evergy Metro
|
Evergy Missouri West
|
Total Company Generation
|
Renewable Purchased Power
|
Total Generation and Renewable Purchased Power
|
||||||||
Gas and Oil (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ralph Green
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
3
|
|
|
1981
|
Natural Gas
|
—
|
|
—
|
|
69
|
|
69
|
|
—
|
|
|
69
|
|
Nevada
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1
|
|
|
1974
|
Oil
|
—
|
|
—
|
|
19
|
|
19
|
|
—
|
|
|
19
|
|
Lake Road
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 3
|
|
|
1951, 1958 & 1962
|
Natural Gas
|
—
|
|
—
|
|
42
|
|
42
|
|
—
|
|
|
42
|
|
|
5 - 7
|
|
|
1974, 1989 & 1990
|
Oil
|
—
|
|
—
|
|
104
|
|
104
|
|
—
|
|
|
104
|
|
Steam Turbines
|
4
|
|
|
1967
|
Natural Gas
|
—
|
|
—
|
|
97
|
|
97
|
|
—
|
|
|
97
|
|
Northeast
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
11 - 18
|
|
|
1972 - 1977
|
Oil
|
—
|
|
416
|
|
—
|
|
416
|
|
—
|
|
|
416
|
|
Black Start Unit
|
19
|
|
|
1985
|
Oil
|
—
|
|
2
|
|
—
|
|
2
|
|
—
|
|
|
2
|
|
South Harper
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 3
|
|
|
2005
|
Natural Gas
|
—
|
|
—
|
|
313
|
|
313
|
|
—
|
|
|
313
|
|
Greenwood Energy Center
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 4
|
|
|
1975 - 1979
|
Natural Gas
|
—
|
|
—
|
|
237
|
|
237
|
|
—
|
|
|
237
|
|
Crossroads Energy Center
|
|
|
Mississippi
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 4
|
|
|
2002
|
Natural Gas
|
—
|
|
—
|
|
297
|
|
297
|
|
—
|
|
|
297
|
|
Total Gas and Oil
|
|
|
|
|
|
1,625
|
|
1,185
|
|
1,178
|
|
3,988
|
|
—
|
|
|
3,988
|
|
Total
|
|
|
|
|
|
5,803
|
|
4,130
|
|
1,646
|
|
11,579
|
|
3,130
|
|
|
14,709
|
|
Issuer Purchases of Equity Securities
|
||||||||
Month
|
|
Total Number of Shares (or Units) Purchased(a)
|
Average Price Paid per Share (or Unit)
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs(a)
|
|||
October 1 - 31
|
|
—
|
|
|
—
|
|
16,099,628
|
|
November 1 - 30
|
|
628,929
|
|
(b)
|
628,929
|
|
15,470,699
|
|
December 1 - 31
|
|
635,720
|
|
(b)
|
635,720
|
|
14,834,979
|
|
Total
|
|
1,264,649
|
|
|
1,264,649
|
|
14,834,979
|
|
Year Ended December 31
|
|
2019
|
|
2018(b)
|
|
2017(b)
|
|
2016(b)
|
|
2015(b)
|
||||||||||
Evergy
|
|
(dollars in millions except per share amounts)
|
||||||||||||||||||
Operating revenues
|
|
$
|
5,148
|
|
|
$
|
4,276
|
|
|
$
|
2,571
|
|
|
$
|
2,562
|
|
|
$
|
2,459
|
|
Net income
|
|
$
|
686
|
|
|
$
|
546
|
|
|
$
|
337
|
|
|
$
|
361
|
|
|
$
|
302
|
|
Net income attributable to Evergy, Inc.
|
|
$
|
670
|
|
|
$
|
536
|
|
|
$
|
324
|
|
|
$
|
347
|
|
|
$
|
292
|
|
Basic earnings per common share
|
|
$
|
2.80
|
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
|
$
|
2.43
|
|
|
$
|
2.11
|
|
Diluted earnings per common share
|
|
$
|
2.79
|
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
|
$
|
2.43
|
|
|
$
|
2.09
|
|
Total assets at year end
|
|
$
|
25,976
|
|
|
$
|
25,598
|
|
|
$
|
11,624
|
|
|
$
|
11,487
|
|
|
$
|
10,706
|
|
Total long-term obligations at year end (a)
|
|
$
|
9,200
|
|
|
$
|
7,472
|
|
|
$
|
3,846
|
|
|
$
|
3,699
|
|
|
$
|
3,379
|
|
Cash dividends per common share
|
|
$
|
1.93
|
|
|
$
|
1.735
|
|
|
$
|
1.60
|
|
|
$
|
1.52
|
|
|
$
|
1.44
|
|
•
|
Evergy Kansas Central, formerly known as Westar Energy, Inc., is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, formerly known as Kansas Gas and Electric Company.
|
•
|
Evergy Metro, formerly known as Kansas City Power & Light Company, is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
|
•
|
Evergy Missouri West, formerly known as KCP&L Greater Missouri Operations Company, is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
|
•
|
Evergy Transmission Company, formerly known as GPE Transmission Holding Company, LLC, owns 13.5% of Transource with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of AEP. Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.
|
•
|
the realization of a total of approximately $595 million of potential net savings over the first five years of operation of the combined company, which formed in June 2018, resulting from synergies that are expected to be created as a result of the merger;
|
•
|
anticipated rate base investment of approximately $7.6 billion from 2020 through 2024; and
|
•
|
the reduction of carbon emissions by 80% by 2050 from 2005 levels through the continued growth of Evergy's renewable energy portfolio and the retirement of older and less efficient fossil fuel plants. See "Transforming Evergy's Generation Fleet" in Part I, Item 1, Business, for additional information.
|
|
2019
|
|
2018
|
|
Change
|
||||||
|
(millions, except per share amounts)
|
||||||||||
Net income attributable to Evergy, Inc.
|
$
|
669.9
|
|
|
$
|
535.8
|
|
|
$
|
134.1
|
|
Earnings per common share, diluted
|
2.79
|
|
|
2.50
|
|
|
0.29
|
|
|
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
||||||||
|
2019
|
2018
|
||||||||||||
|
(millions, except per share amounts)
|
|||||||||||||
Net income attributable to Evergy, Inc.
|
$
|
669.9
|
|
|
$
|
2.79
|
|
$
|
535.8
|
|
|
$
|
2.50
|
|
Pro forma adjustments(a):
|
|
|
|
|
|
|
||||||||
Great Plains Energy earnings prior to merger
|
—
|
|
|
—
|
|
94.4
|
|
|
0.35
|
|
||||
Great Plains Energy shares prior to merger
|
n/a
|
|
|
—
|
|
n/a
|
|
|
(0.50
|
)
|
||||
Non-recurring merger costs and other
|
—
|
|
|
—
|
|
84.1
|
|
|
0.32
|
|
||||
Pro forma net income attributable to Evergy, Inc.
|
$
|
669.9
|
|
|
$
|
2.79
|
|
$
|
714.3
|
|
|
$
|
2.67
|
|
Non-GAAP reconciling items:
|
|
|
|
|
|
|
||||||||
Rebranding costs, pre-tax(b)
|
12.1
|
|
|
0.05
|
|
—
|
|
|
—
|
|
||||
Voluntary severance costs, pre-tax(c)
|
19.8
|
|
|
0.08
|
|
23.5
|
|
|
0.09
|
|
||||
Composite tax rate change(d)
|
—
|
|
|
—
|
|
(52.6
|
)
|
|
(0.20
|
)
|
||||
Deferral of merger transition costs, pre-tax(e)
|
—
|
|
|
—
|
|
(28.5
|
)
|
|
(0.11
|
)
|
||||
Inventory write-off at retiring generating units, pre-tax(f)
|
—
|
|
|
—
|
|
31.0
|
|
|
0.12
|
|
||||
Income tax benefit(g)
|
(7.8
|
)
|
|
(0.03
|
)
|
(6.8
|
)
|
|
(0.03
|
)
|
||||
Adjusted earnings (non-GAAP)
|
$
|
694.0
|
|
|
$
|
2.89
|
|
$
|
680.9
|
|
|
$
|
2.54
|
|
(a)
|
Reflects pro forma adjustments made in accordance with Article 11 of Regulation S-X and ASC 805 - Business Combinations. See Note 2 to the consolidated financial statements in the Evergy Companies' combined 2018 annual report on Form 10-K for further information regarding these adjustments.
|
(b)
|
Reflects external costs incurred to rebrand the legacy Westar Energy and KCP&L utility brands to Evergy and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
|
(c)
|
Reflects severance costs incurred associated with certain voluntary severance programs at the Evergy Companies and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
|
(d)
|
Reflects the revaluation of Evergy Kansas Central's deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger in June 2018 and are included in income tax expense on the consolidated statements of comprehensive income.
|
(e)
|
Reflects the portion of the $47.8 million deferral of merger transition costs to a regulatory asset in June 2018 that related to costs incurred prior to 2018. The remaining merger transition costs included within the $47.8 million deferral were both incurred and deferred in 2018 and did not impact earnings. This item is included in operating and maintenance expense on the consolidated statements of comprehensive income.
|
(f)
|
Reflects obsolete inventory write-offs for Evergy Kansas Central's Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center, Units 1 and 2 at Gordon Evans Energy Center, Evergy Metro's Montrose Station and Evergy Missouri West's Sibley Station and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
|
(g)
|
Reflects an income tax effect calculated at a 26.1% statutory rate, with the exception of certain non-deductible items.
|
|
2019
|
|
Change
|
|
2018
|
|
Change
|
|
2017
|
||||||||||
|
(millions)
|
||||||||||||||||||
Operating revenues
|
$
|
5,147.8
|
|
|
$
|
871.9
|
|
|
$
|
4,275.9
|
|
|
$
|
1,704.9
|
|
|
$
|
2,571.0
|
|
Fuel and purchased power
|
1,265.0
|
|
|
186.3
|
|
|
1,078.7
|
|
|
537.2
|
|
|
541.5
|
|
|||||
SPP network transmission costs
|
251.3
|
|
|
(8.6
|
)
|
|
259.9
|
|
|
12.0
|
|
|
247.9
|
|
|||||
Operating and maintenance
|
1,218.5
|
|
|
102.7
|
|
|
1,115.8
|
|
|
552.3
|
|
|
563.5
|
|
|||||
Depreciation and amortization
|
861.7
|
|
|
242.9
|
|
|
618.8
|
|
|
247.1
|
|
|
371.7
|
|
|||||
Taxes other than income tax
|
365.5
|
|
|
96.4
|
|
|
269.1
|
|
|
101.5
|
|
|
167.6
|
|
|||||
Income from operations
|
1,185.8
|
|
|
252.2
|
|
|
933.6
|
|
|
254.8
|
|
|
678.8
|
|
|||||
Other expense, net
|
(39.0
|
)
|
|
15.4
|
|
|
(54.4
|
)
|
|
(27.6
|
)
|
|
(26.8
|
)
|
|||||
Interest expense
|
374.0
|
|
|
94.4
|
|
|
279.6
|
|
|
108.6
|
|
|
171.0
|
|
|||||
Income tax expense
|
97.0
|
|
|
38.0
|
|
|
59.0
|
|
|
(92.2
|
)
|
|
151.2
|
|
|||||
Equity in earnings of equity method investees, net of income taxes
|
9.8
|
|
|
4.4
|
|
|
5.4
|
|
|
(1.3
|
)
|
|
6.7
|
|
|||||
Net income
|
685.6
|
|
|
139.6
|
|
|
546.0
|
|
|
209.5
|
|
|
336.5
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
15.7
|
|
|
5.5
|
|
|
10.2
|
|
|
(2.4
|
)
|
|
12.6
|
|
|||||
Net income attributable to Evergy, Inc.
|
$
|
669.9
|
|
|
$
|
134.1
|
|
|
$
|
535.8
|
|
|
$
|
211.9
|
|
|
$
|
323.9
|
|
Utility Gross Margin
|
2019
|
|
Change
|
|
2018
|
|
Change
|
|
2017
|
||||||||||
Retail revenues
|
(millions)
|
||||||||||||||||||
Residential
|
$
|
1,908.1
|
|
|
$
|
329.3
|
|
|
$
|
1,578.8
|
|
|
$
|
777.5
|
|
|
$
|
801.3
|
|
Commercial
|
1,781.6
|
|
|
425.2
|
|
|
1,356.4
|
|
|
644.7
|
|
|
711.7
|
|
|||||
Industrial
|
621.6
|
|
|
93.8
|
|
|
527.8
|
|
|
114.9
|
|
|
412.9
|
|
|||||
Other retail revenues
|
47.1
|
|
|
16.5
|
|
|
30.6
|
|
|
7.8
|
|
|
22.8
|
|
|||||
Total electric retail
|
4,358.4
|
|
|
864.8
|
|
|
3,493.6
|
|
|
1,544.9
|
|
|
1,948.7
|
|
|||||
Wholesale revenues
|
327.5
|
|
|
(76.9
|
)
|
|
404.4
|
|
|
73.2
|
|
|
331.2
|
|
|||||
Transmission revenues
|
309.2
|
|
|
1.1
|
|
|
308.1
|
|
|
23.3
|
|
|
284.8
|
|
|||||
Other revenues
|
152.7
|
|
|
82.9
|
|
|
69.8
|
|
|
63.5
|
|
|
6.3
|
|
|||||
Operating revenues
|
5,147.8
|
|
|
871.9
|
|
|
4,275.9
|
|
|
1,704.9
|
|
|
2,571.0
|
|
|||||
Fuel and purchased power
|
(1,265.0
|
)
|
|
(186.3
|
)
|
|
(1,078.7
|
)
|
|
(537.2
|
)
|
|
(541.5
|
)
|
|||||
SPP network transmission costs
|
(251.3
|
)
|
|
8.6
|
|
|
(259.9
|
)
|
|
(12.0
|
)
|
|
(247.9
|
)
|
|||||
Utility gross margin (a)
|
$
|
3,631.5
|
|
|
$
|
694.2
|
|
|
$
|
2,937.3
|
|
|
$
|
1,155.7
|
|
|
$
|
1,781.6
|
|
•
|
a $674.4 million increase due to the inclusion of Evergy Metro's and Evergy Missouri West's utility gross margin in the first five months of 2019;
|
•
|
a $59.7 million increase in revenue due to one-time bill credits recorded by Evergy Kansas Central, Evergy Metro and Evergy Missouri West in June 2018 as a result of conditions in the KCC and MPSC merger orders; and
|
•
|
a $41.6 million increase from new Evergy Kansas Central, Evergy Metro and Evergy Missouri West retail rates effective in 2018, net of a $124.2 million provision for rate refund recorded in 2018 for the change in the corporate income tax rate caused by the TCJA; partially offset by
|
•
|
a $53.0 million decrease primarily due to lower Evergy Kansas Central, Evergy Metro and Evergy Missouri West retail sales driven by cooler summer weather. For 2019 compared to 2018, cooling degree days decreased 16%;
|
•
|
a $12.9 million decrease related to Evergy Kansas Central's transmission delivery charge (TDC) rider;
|
•
|
a $10.2 million decrease in revenue related to the granting of an Accounting Authority Order (AAO) by the MPSC in October 2019 requiring Evergy Missouri West to record a regulatory liability for the estimated amount of revenues it has collected from customers for certain costs related to Sibley Station since its retirement in November 2018; and
|
•
|
a $5.4 million decrease for recovery of programs costs for energy efficiency programs under MEEIA, which have a direct offset in operating and maintenance expense.
|
•
|
a $279.9 million increase in operating and maintenance expense due to the inclusion of Evergy Metro's and Evergy Missouri West's operating and maintenance expenses in the first five months of 2019;
|
•
|
$12.1 million of rebranding costs incurred in 2019 to rebrand the legacy Westar Energy and KCP&L utility brands to Evergy; and
|
•
|
$11.8 million of Evergy Kansas Central, Evergy Metro and Evergy Missouri West voluntary severance expenses incurred in 2019; partially offset by
|
•
|
$75.8 million of merger-related costs incurred in 2018, consisting of:
|
◦
|
$51.0 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees;
|
◦
|
$47.9 million of Evergy Kansas Central and Evergy Metro voluntary severance and change in control payments as well as the recording of unrecognized equity compensation costs and the incremental fair value associated with the vesting of outstanding Evergy Kansas Central equity compensation awards in accordance with the Amended Merger Agreement; and
|
◦
|
$24.7 million of unconditional charitable contributions and community support recorded by Evergy in accordance with conditions in the KCC and MPSC merger orders; partially offset by
|
◦
|
a $47.8 million decrease in operating and maintenance expense due to the deferral of merger transition costs to a regulatory asset in June 2018 for future recovery by Evergy Kansas Central, Evergy Metro and Evergy Missouri West in accordance with the KCC and MPSC merger orders;
|
•
|
a $62.1 million decrease in plant operating and maintenance expense at fossil-fuel generating units primarily due to:
|
◦
|
a $15.0 million decrease due to the retirement of Evergy Kansas Central's Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center, Units 1 and 2 at Gordan Evans Energy Center and Evergy Metro's Montrose Station and Evergy Missouri West's Sibley Station in the fourth quarter of 2018;
|
◦
|
$31.0 million of Evergy Kansas Central, Evergy Metro and Evergy Missouri West obsolete inventory write-offs at retiring fossil-fuel units in 2018;
|
◦
|
$5.2 million of voluntary severance expenses incurred in the third quarter of 2018 by Evergy Kansas Central, Evergy Metro and Evergy Missouri West related to their Local 1523 and Local 412 union voluntary exit programs; and
|
◦
|
a $3.7 million decrease due to an extended maintenance outage at Evergy Metro's Iatan No. 2 in 2018; partially offset by
|
◦
|
an $8.4 million increase due to the write-off of a regulatory asset for costs incurred during the Jeffrey Energy Center (JEC) lease extension, see Note 5 to the consolidated financial statements;
|
•
|
a $35.6 million decrease in various administrative and general operating and maintenance expenses primarily driven by a $15.3 million decrease in labor and employee benefits expense primarily due to lower employee headcount and Evergy Kansas Central pension and post-retirement costs in 2019 and $10.6 million of voluntary severance expenses incurred in the third quarter of 2018 by Evergy Kansas Central and Evergy Metro related to a Wolf Creek voluntary exit program;
|
•
|
a $9.5 million decrease in plant operating and maintenance expense at nuclear generating units related to Wolf Creek;
|
•
|
a $9.3 million decrease in transmission and distribution operating and maintenance expense primarily due to a higher level of Evergy Kansas Central vegetation management activity in 2018; and
|
•
|
a $5.4 million decrease in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue.
|
•
|
a $173.4 million increase due to the inclusion of Evergy Metro's and Evergy Missouri West's depreciation expense in the first five months of 2019;
|
•
|
a $43.0 million increase primarily due to a change in depreciation rates as a result of Evergy Kansas Central's and Evergy Metro's rate cases effective in 2018; and
|
•
|
a $26.5 million increase primarily due to capital additions at Evergy Kansas Central and Evergy Metro.
|
•
|
a $75.7 million increase due to the inclusion of Evergy Metro and Evergy Missouri West amounts in the first five months of 2019; and
|
•
|
a $22.9 million increase primarily due to increased Evergy Kansas Central property taxes.
|
•
|
a $12.4 million decrease due to recording higher Evergy Kansas Central corporate-owned life insurance (COLI) benefits in 2019;
|
•
|
a $6.3 million decrease due to lower Evergy Kansas Central and Evergy Metro pension non-service costs in 2019; and
|
•
|
a $4.2 million decrease due to higher net unrealized gains in Evergy Kansas Central's rabbi trust in 2019; partially offset by
|
•
|
a $9.5 million increase due to the inclusion of Evergy Metro and Evergy Missouri West amounts in the first five months of 2019.
|
•
|
a $77.2 million increase due to the inclusion of Evergy Metro's and Evergy Missouri West's interest expense and Evergy's interest expense associated with the assumption of legacy Great Plains Energy debt in the first five months of 2019;
|
•
|
a $14.5 million increase due to Evergy's issuance of $1.6 billion of senior notes in September 2019; and
|
•
|
a $7.7 million increase primarily due to Evergy's borrowings under its $1.0 billion term loan credit agreement in 2019; partially offset by
|
•
|
a $10.1 million net decrease due to the repayment of Evergy Metro's $400.0 million of 7.15% Mortgage Bonds at maturity in April 2019, which decreased interest expense by $19.8 million, partially offset by a $9.7 million increase due to Evergy Metro's issuance of $400.0 million of 4.125% Mortgage Bonds in March 2019.
|
•
|
a $52.6 million increase related to the revaluation of Evergy Kansas Central's deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger in 2018; and
|
•
|
an $18.9 million increase due to higher Evergy Kansas Central pre-tax income; partially offset by
|
•
|
a $39.0 million decrease due to flow-through items primarily driven by higher amortization of excess deferred income taxes.
|
•
|
Evergy's cash and cash equivalents decreased $137.1 million primarily due to the repurchase of common stock in connection with Evergy's share repurchase program. See Note 18 to the consolidated financial statements for additional information on Evergy's share repurchase program.
|
•
|
Evergy's income tax receivable increased by $17.5 million primarily due to the $37.9 million reclassification of Evergy's 2019 alternative minimum tax (AMT) credits from deferred income taxes, partially offset by the receipt of $18.6 million in 2019 related to Evergy's 2018 AMT tax credit.
|
•
|
Evergy's regulatory assets - current decreased by $72.2 million primarily due to fuel recovery mechanism recoveries exceeding under-collections at Evergy Metro and Evergy Missouri West by $30.7 million and $24.3 million in 2019, respectively.
|
•
|
Evergy's other assets increased by $115.0 million primarily due to $104.5 million of operating lease right-of-use assets, as of December 31, 2019, that were recorded as a result of Topic 842, Leases in 2019. See Note 1 to the consolidated financial statements for additional information on the new lease standard.
|
•
|
Evergy's current maturities of long-term debt decreased by $454.3 million primarily due to the repayment of Evergy Metro's $400.0 million of 7.15% Mortgage Bonds at maturity in April 2019.
|
•
|
Evergy's notes payable and commercial paper decreased $176.7 million primarily due to a $162.5 million decrease at Evergy Kansas Central due to the repayment of commercial paper with funds from operations and a $56.6 million decrease at Evergy Missouri West primarily due to the repayment of commercial paper with the proceeds from its issuance of $100.0 million of 3.74% Senior Notes in March 2019, partially offset by a $20.0 million increase at Evergy, Inc. due to cash borrowings under its master credit facility.
|
•
|
Evergy's accounts payable increased $77.3 million primarily due to the timing of cash payments.
|
•
|
Evergy's regulatory liabilities - current decreased $46.9 million primarily due to a $70.9 million refund to customers of tax reform benefits at Evergy Kansas Central, Evergy Metro and Evergy Missouri West in 2019, partially offset by a $30.2 million increase in Evergy Kansas Central's regulatory liability for its fuel recovery mechanism due to recoveries exceeding under-collections.
|
•
|
Evergy's other liabilities - current increased $48.9 million primarily due to a $23.7 million increase in funds received from customers for the construction of transmission assets at Evergy Kansas Central and $15.6 million of operating lease liabilities, as of December 31, 2019, that were recorded as a result of the adoption of Topic 842, Leases in 2019. See Note 1 to the consolidated financial statements for additional information on the new lease standard.
|
•
|
Evergy's long-term debt increased by $2,110.4 million primarily due to the issuance of Evergy's $1.6 billion of senior notes in September 2019 and Evergy Metro's issuance of $400.0 million of 4.125% Mortgage Bonds in March 2019.
|
•
|
Evergy's other liabilities - long-term increased $104.0 million primarily due to $82.4 million of operating lease liabilities, as of December 31, 2019, that were recorded as a result of the adoption of Topic 842, Leases in 2019. See Note 1 to the consolidated financial statements for additional information on the new lease standard.
|
•
|
Evergy's common stock decreased $1,614.8 million primarily due to the repurchase of common stock for a total cost of approximately $1,628.7 million in 2019 pursuant to Evergy's share repurchase program. See Note 18 to the consolidated financial statements for additional information on Evergy's share repurchase program.
|
|
December 31
|
||
|
2019
|
|
2018
|
Common equity
|
49%
|
|
57%
|
Noncontrolling interests
|
<0%
|
|
<0%
|
Long-term debt, including VIEs
|
51%
|
|
43%
|
|
Moody's
|
|
S&P Global
|
||||
|
Investors Service(a)
|
|
Ratings(a)
|
||||
Evergy
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
--
|
|
|
|
A-
|
|
Senior Unsecured Debt
|
|
Baa2
|
|
|
|
BBB+
|
|
|
|
|
|
|
|
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
Baa1
|
|
|
|
A-
|
|
Senior Secured Debt
|
|
A2
|
|
|
|
A
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-2
|
|
|
|
|
|
|
|
|
|
Evergy Kansas South
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
Baa1
|
|
|
|
A-
|
|
Senior Secured Debt
|
|
A2
|
|
|
|
A
|
|
Short-Term Rating
|
|
P-2
|
|
|
|
A-2
|
|
|
|
|
|
|
|
|
|
Evergy Metro
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
Baa1
|
|
|
|
A
|
|
Senior Secured Debt
|
|
A2
|
|
|
|
A+
|
|
Senior Unsecured Debt
|
|
Baa1
|
|
|
|
A
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-1
|
|
|
|
|
|
|
|
|
|
Evergy Missouri West
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
Baa2
|
|
|
|
A-
|
|
Senior Unsecured Debt
|
|
Baa2
|
|
|
|
A-
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-2
|
|
Type of Authorization
|
Commission
|
Expiration Date
|
Authorization Amount
|
Available Under Authorization
|
Evergy Kansas Central & Evergy Kansas South
|
|
|
(in millions)
|
|
Short-Term Debt
|
FERC
|
December 2020
|
$1,250.0
|
$1,000.8
|
Evergy Metro
|
|
|
|
|
Short-Term Debt
|
FERC
|
December 2020
|
$1,250.0
|
$1,050.7
|
Evergy Missouri West
|
|
|
|
|
Short-Term Debt
|
FERC
|
December 2020
|
$750.0
|
$656.7
|
Long-Term Debt
|
FERC
|
December 2020
|
$100.0
|
$—
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
||||||||||
|
(millions)
|
||||||||||||||||||||
Generating facilities
|
|
$
|
487
|
|
|
$
|
555
|
|
|
$
|
563
|
|
|
$
|
455
|
|
|
$
|
263
|
|
|
Transmission and distribution facilities
|
|
893
|
|
|
914
|
|
|
886
|
|
|
867
|
|
|
1,006
|
|
|
|||||
General facilities
|
|
238
|
|
|
117
|
|
|
122
|
|
|
92
|
|
|
94
|
|
|
|||||
Total capital expenditures
|
|
$
|
1,618
|
|
|
$
|
1,586
|
|
|
$
|
1,571
|
|
|
$
|
1,414
|
|
|
$
|
1,363
|
|
|
Payment due by period
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
After 2024
|
Total
|
||||||||||||||||
Long-term debt
|
(millions)
|
||||||||||||||||||||||||||
Principal
|
$
|
251.1
|
|
|
$
|
432.0
|
|
|
$
|
387.5
|
|
|
$
|
439.5
|
|
|
$
|
800.0
|
|
|
$
|
6,642.9
|
|
|
$
|
8,953.0
|
|
Interest
|
350.8
|
|
|
327.2
|
|
|
304.1
|
|
|
288.9
|
|
|
279.7
|
|
|
3,930.7
|
|
|
5,481.4
|
|
|||||||
Long-term debt of VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Principal
|
32.3
|
|
|
18.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51.1
|
|
|||||||
Interest
|
0.8
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|||||||
Lease commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating leases
|
20.5
|
|
|
17.0
|
|
|
14.1
|
|
|
11.0
|
|
|
9.2
|
|
|
44.7
|
|
|
116.5
|
|
|||||||
Finance leases
|
8.1
|
|
|
7.4
|
|
|
6.7
|
|
|
5.8
|
|
|
4.7
|
|
|
46.2
|
|
|
78.9
|
|
|||||||
Pension and other post-retirement plans (a)
|
131.9
|
|
|
131.9
|
|
|
131.9
|
|
|
131.9
|
|
|
131.9
|
|
|
(a)
|
|
|
659.5
|
|
|||||||
Purchase commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fuel
|
486.9
|
|
|
137.0
|
|
|
83.2
|
|
|
84.7
|
|
|
17.1
|
|
|
94.1
|
|
|
903.0
|
|
|||||||
Power
|
47.3
|
|
|
47.4
|
|
|
47.6
|
|
|
47.8
|
|
|
41.7
|
|
|
325.2
|
|
|
557.0
|
|
|||||||
Other
|
147.7
|
|
|
42.3
|
|
|
30.0
|
|
|
25.1
|
|
|
19.4
|
|
|
117.7
|
|
|
382.2
|
|
|||||||
Total contractual commitments (a)
|
$
|
1,477.4
|
|
|
$
|
1,161.2
|
|
|
$
|
1,005.1
|
|
|
$
|
1,034.7
|
|
|
$
|
1,303.7
|
|
|
$
|
11,201.5
|
|
|
$
|
17,183.6
|
|
(a)
|
Evergy expects to make contributions to the pension and other post-retirement plans beyond 2024 but the amounts are not yet determined.
|
•
|
Evergy direct guarantees to Evergy Missouri West counterparties totaling $17.0 million, which expire in 2020, and
|
•
|
Evergy's guarantee of Evergy Missouri West long-term debt totaling $93.2 million, which includes debt with maturity dates ranging from 2020 to 2023.
|
|
2019
|
2018
|
2017
|
||||||
|
(millions)
|
||||||||
Cash flows from operating activities
|
$
|
1,749.0
|
|
$
|
1,497.8
|
|
$
|
912.7
|
|
Cash flows from (used in) investing activities
|
(1,080.3
|
)
|
197.4
|
|
(780.8
|
)
|
|||
Cash flows used in financing activities
|
(805.8
|
)
|
(1,538.4
|
)
|
(131.6
|
)
|
•
|
$1,154.2 million of cash acquired from Great Plains Energy in June 2018;
|
•
|
a $243.6 million increase in additions to property, plant and equipment due to the inclusion of Evergy Metro and Evergy Missouri West activity in the first five months of 2019; and
|
•
|
$140.6 million in proceeds from the settlement of deal contingent interest rate swaps in June 2018; partially offset by
|
•
|
an increase of $154.9 million in proceeds from COLI investments, primarily from Evergy Kansas Central due to a higher number of policy settlements in 2019.
|
•
|
a $2,081.8 million increase in proceeds from long-term debt, net, as further described in Note 13 to the consolidated financial statements; partially offset by
|
•
|
a $586.4 million increase of repurchased common stock under the common stock repurchase program, as further described in Note 18 to the consolidated financial statements;
|
•
|
a $305.3 million increase in retirement of long-term debt, as further described in Note 13 to the consolidated financial statements;
|
•
|
a $211.0 million decrease in collateralized short-term debt, net borrowings primarily due to the establishment of Evergy Kansas Central’s receivable sale facility in the fourth quarter of 2018;
|
•
|
a $123.6 million increase in the repayment of borrowings from the cash surrender value of COLI, primarily from Evergy Kansas Central due to a higher number of policy settlements in 2019; and
|
•
|
a $69.8 million payment for the settlement of Evergy's interest rate swap that was designated as a cash flow hedge of its issuance of $800.0 million of 2.90% Senior Notes in September 2019.
|
|
2019
|
|
Change
|
|
2018
|
||||||
|
(millions)
|
||||||||||
Operating revenues
|
$
|
2,507.4
|
|
|
$
|
(107.5
|
)
|
|
$
|
2,614.9
|
|
Fuel and purchased power
|
493.0
|
|
|
(106.2
|
)
|
|
599.2
|
|
|||
SPP network transmission costs
|
251.3
|
|
|
(8.6
|
)
|
|
259.9
|
|
|||
Operating and maintenance
|
530.5
|
|
|
(110.2
|
)
|
|
640.7
|
|
|||
Depreciation and amortization
|
443.8
|
|
|
52.9
|
|
|
390.9
|
|
|||
Taxes other than income tax
|
192.3
|
|
|
18.6
|
|
|
173.7
|
|
|||
Income from operations
|
596.5
|
|
|
46.0
|
|
|
550.5
|
|
|||
Other expense, net
|
(12.9
|
)
|
|
20.6
|
|
|
(33.5
|
)
|
|||
Interest expense
|
177.0
|
|
|
0.2
|
|
|
176.8
|
|
|||
Income tax expense (benefit)
|
52.1
|
|
|
56.4
|
|
|
(4.3
|
)
|
|||
Equity in earnings of equity method investees, net of income taxes
|
4.6
|
|
|
—
|
|
|
4.6
|
|
|||
Net income
|
359.1
|
|
|
10.0
|
|
|
349.1
|
|
|||
Less: Net income attributable to noncontrolling interests
|
15.7
|
|
|
5.5
|
|
|
10.2
|
|
|||
Net income attributable to Evergy Kansas Central, Inc.
|
$
|
343.4
|
|
|
$
|
4.5
|
|
|
$
|
338.9
|
|
|
Revenues and Expenses
|
MWhs Sold
|
||||||||||||||||||
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
|||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||||
Residential
|
$
|
793.9
|
|
|
$
|
(52.5
|
)
|
|
$
|
846.4
|
|
|
6,460
|
|
|
(276
|
)
|
|
6,736
|
|
Commercial
|
709.1
|
|
|
6.3
|
|
|
702.8
|
|
|
7,399
|
|
|
(97
|
)
|
|
7,496
|
|
|||
Industrial
|
401.3
|
|
|
4.9
|
|
|
396.4
|
|
|
5,622
|
|
|
(20
|
)
|
|
5,642
|
|
|||
Other retail revenues
|
21.0
|
|
|
1.0
|
|
|
20.0
|
|
|
45
|
|
|
(13
|
)
|
|
58
|
|
|||
Total electric retail
|
1,925.3
|
|
|
(40.3
|
)
|
|
1,965.6
|
|
|
19,526
|
|
|
(406
|
)
|
|
19,932
|
|
|||
Wholesale revenues
|
239.9
|
|
|
(106.2
|
)
|
|
346.1
|
|
|
7,540
|
|
|
(2,629
|
)
|
|
10,169
|
|
|||
Transmission revenues
|
273.3
|
|
|
(15.6
|
)
|
|
288.9
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Other revenues
|
68.9
|
|
|
54.6
|
|
|
14.3
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Operating revenues
|
2,507.4
|
|
|
(107.5
|
)
|
|
2,614.9
|
|
|
27,066
|
|
|
(3,035
|
)
|
|
30,101
|
|
|||
Fuel and purchased power
|
(493.0
|
)
|
|
106.2
|
|
|
(599.2
|
)
|
|
|
|
|
|
|
||||||
SPP network transmission costs
|
(251.3
|
)
|
|
8.6
|
|
|
(259.9
|
)
|
|
|
|
|
|
|
||||||
Utility gross margin (a)
|
$
|
1,763.1
|
|
|
$
|
7.3
|
|
|
$
|
1,755.8
|
|
|
|
|
|
|
|
•
|
a $27.9 million increase from new retail rates effective in September 2018, net of a $69.8 million provision for rate refund recorded in 2018 for the change in the corporate income tax rate caused by the TCJA; and
|
•
|
a $23.1 million increase in revenue due to one-time bill credits recorded in June 2018 as a result of conditions in the KCC merger order; partially offset by
|
•
|
a $30.9 million decrease primarily due to lower retail sales driven by cooler summer weather. For 2019 compared to 2018, cooling degree days decreased 15%; and
|
•
|
a $12.8 million decrease related to Evergy Kansas Central's TDC rider.
|
•
|
$51.9 million of merger-related costs incurred in 2018, consisting of:
|
◦
|
$44.2 million of voluntary severance and change in control payments as well as the recording of unrecognized equity compensation costs and the incremental fair value associated with the vesting of outstanding equity compensation awards in accordance with the Amended Merger Agreement; and
|
◦
|
$21.5 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees; partially offset by
|
◦
|
a $13.8 million decrease in operating and maintenance expense due to the net reallocation of incurred merger transition costs between Evergy Kansas Central, Evergy, Evergy Metro and Evergy Missouri West and the subsequent deferral of these transition costs to a regulatory asset in June 2018 for future recovery by Evergy Kansas Central in accordance with the KCC merger order;
|
•
|
a $22.9 million decrease in plant operating and maintenance expense at fossil-fuel generating units primarily due to:
|
◦
|
$12.3 million of obsolete inventory write-offs at retiring fossil-fuel units in 2018;
|
◦
|
a $7.3 million decrease due to the retirement of Evergy Kansas Central's Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center and Units 1 and 2 at Gordan Evans Energy Center in the fourth quarter of 2018; and
|
◦
|
$0.7 million of voluntary severance expenses incurred in 2018 related to the Local 1523 union voluntary exit program; partially offset by
|
◦
|
an $8.4 million increase due to the write-off of a regulatory asset for costs incurred during the JEC lease extension, see Note 5 to the consolidated financial statements;
|
•
|
a $19.2 million decrease in various administrative and general operating and maintenance expenses primarily driven by a $10.0 million decrease in labor and employee benefits expense primarily due to lower employee headcount and pension and post-retirement costs in 2019 and $5.3 million of voluntary severance expenses incurred in the third quarter of 2018 related to a Wolf Creek voluntary exit program;
|
•
|
a $9.6 million decrease in transmission and distribution operating and maintenance expense primarily due to a higher level of vegetation management activity in 2018; and
|
•
|
a $6.3 million decrease in plant operating and maintenance expense at nuclear generating units related to Wolf Creek; partially offset by
|
•
|
$9.3 million of voluntary severance expenses incurred in 2019.
|
•
|
a $32.4 million increase primarily due to a change in depreciation rates as a result of Evergy Kansas Central's rate case effective in September 2018; and
|
•
|
a $20.5 million increase primarily due to capital additions.
|
•
|
a $12.4 million decrease due to recording higher COLI benefits in 2019;
|
•
|
a $4.2 million decrease due to higher net unrealized gains in Evergy Kansas Central's rabbi trust in 2019; and
|
•
|
a $3.4 million decrease due to lower pension non-service costs in 2019.
|
•
|
a $52.6 million increase related to the revaluation of deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger in June 2018; and
|
•
|
an $18.9 million increase due to higher pre-tax income; partially offset by
|
•
|
a $5.3 million decrease due to flow-through items primarily driven by higher amortization of excess deferred income taxes.
|
|
2019
|
|
Change
|
|
2018
|
||||||
|
(millions)
|
||||||||||
Operating revenues
|
$
|
1,806.5
|
|
|
$
|
(16.6
|
)
|
|
$
|
1,823.1
|
|
Fuel and purchased power
|
482.1
|
|
|
(38.5
|
)
|
|
520.6
|
|
|||
Operating and maintenance
|
451.9
|
|
|
(42.3
|
)
|
|
494.2
|
|
|||
Depreciation and amortization
|
318.4
|
|
|
37.1
|
|
|
281.3
|
|
|||
Taxes other than income tax
|
127.6
|
|
|
10.4
|
|
|
117.2
|
|
|||
Income from operations
|
426.5
|
|
|
16.7
|
|
|
409.8
|
|
|||
Other expense, net
|
(15.8
|
)
|
|
10.1
|
|
|
(25.9
|
)
|
|||
Interest expense
|
119.8
|
|
|
(13.9
|
)
|
|
133.7
|
|
|||
Income tax expense
|
35.7
|
|
|
(51.6
|
)
|
|
87.3
|
|
|||
Net income
|
$
|
255.2
|
|
|
$
|
92.3
|
|
|
$
|
162.9
|
|
|
Revenues and Expenses
|
|
MWhs Sold
|
|||||||||||||||||
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
|||||||||
Retail revenues
|
(millions)
|
|
(thousands)
|
|||||||||||||||||
Residential
|
$
|
712.4
|
|
|
(23.2
|
)
|
|
$
|
735.6
|
|
|
5,425
|
|
|
(261
|
)
|
|
5,686
|
|
|
Commercial
|
786.1
|
|
|
(8.7
|
)
|
|
794.8
|
|
|
7,623
|
|
|
(159
|
)
|
|
7,782
|
|
|||
Industrial
|
136.9
|
|
|
(1.9
|
)
|
|
138.8
|
|
|
1,713
|
|
|
(41
|
)
|
|
1,754
|
|
|||
Other retail revenues
|
16.3
|
|
|
5.9
|
|
|
10.4
|
|
|
75
|
|
|
(1
|
)
|
|
76
|
|
|||
Total electric retail
|
1,651.7
|
|
|
(27.9
|
)
|
|
1,679.6
|
|
|
14,836
|
|
|
(462
|
)
|
|
15,298
|
|
|||
Wholesale revenues
|
70.9
|
|
|
17.4
|
|
|
53.5
|
|
|
6,098
|
|
|
1,081
|
|
|
5,017
|
|
|||
Transmission revenues
|
17.5
|
|
|
3.0
|
|
|
14.5
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Other revenues
|
66.4
|
|
|
(9.1
|
)
|
|
75.5
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Operating revenues
|
1,806.5
|
|
|
(16.6
|
)
|
|
1,823.1
|
|
|
20,934
|
|
|
619
|
|
|
20,315
|
|
|||
Fuel and purchased power
|
(482.1
|
)
|
|
38.5
|
|
|
(520.6
|
)
|
|
|
|
|
|
|
||||||
Utility gross margin (a)
|
$
|
1,324.4
|
|
|
$
|
21.9
|
|
|
$
|
1,302.5
|
|
|
|
|
|
|
|
|
|
•
|
a $40.4 million increase from new retail rates effective in December 2018, net of a $72.4 million provision for rate refund recorded for 2018 for the change in the corporate income tax rate caused by the TCJA; and
|
•
|
a $22.4 million increase in revenue due to one-time bill credits recorded in June 2018 as a result of conditions in the KCC and MPSC merger orders; partially offset by
|
•
|
a $30.9 million decrease primarily due to lower retail sales driven by cooler summer weather. For 2019 compared to 2018, cooling degree days decreased 18%; and
|
•
|
a $10.0 million decrease for recovery of programs costs for energy efficiency programs under MEEIA, which have a direct offset in operating and maintenance expense.
|
•
|
a $26.4 million decrease in plant operating and maintenance expense at fossil-fuel generating units primarily driven by:
|
◦
|
a $10.9 million decrease due to the retirement of Montrose Station in 2018, which includes $7.3 million of obsolete inventory write-offs in 2018;
|
◦
|
a $3.7 million decrease due to an extended maintenance outage at Iatan No. 2 in 2018; and
|
◦
|
$3.2 million of voluntary severance expenses incurred in the third quarter of 2018 related to the Local 412 union voluntary exit program;
|
•
|
a $23.8 million decrease in various administrative and general operating and maintenance expenses, which includes $5.3 million of voluntary severance expenses incurred in the third quarter of 2018 related to a Wolf Creek voluntary exit program and a $3.5 million decrease in injuries and damages expense primarily due to an increase in estimated workers compensation losses recorded in 2018;
|
•
|
a $10.0 million decrease in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
a $6.8 million decrease in plant operating and maintenance expense at nuclear generating units related to Wolf Creek; and
|
•
|
$2.1 million of merger-related costs incurred in 2018; partially offset by
|
•
|
a $23.2 million increase in operating and maintenance expense due to the net reallocation of incurred merger transition costs between Evergy Metro, Evergy, Evergy Kansas Central and Evergy Missouri West and the subsequent deferral of these transition costs to a regulatory asset in June 2018 for future recovery by Evergy Metro in accordance with the KCC and MPSC merger orders;
|
•
|
a $7.1 million increase in transmission and distribution operating and maintenance expense primarily due to costs incurred from storms that occurred in January 2019; and
|
•
|
$6.8 million of voluntary severance expenses incurred in 2019.
|
•
|
a $19.3 million increase primarily due to capital additions; and
|
•
|
a $17.8 million increase due to a change in depreciation rates effective in December 2018 as a result of Evergy Metro's 2018 Kansas rate case.
|
•
|
a $51.0 million decrease related to the revaluation of deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger in June 2018; and
|
•
|
a $21.4 million decrease due to flow-through items primarily driven by higher amortization of excess deferred income taxes; partially offset by
|
•
|
a $15.5 million increase related to the revaluation of deferred income tax assets and liabilities as a result of the enactment of Missouri state income tax reform in June 2018; and
|
•
|
a $10.8 million increase due to higher pre-tax income.
|
•
|
We tested the effectiveness of management's controls over the evaluation of the likelihood of (1) the recovery in future rates of costs incurred as property, plant, and equipment and deferred as regulatory assets and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities.
|
•
|
We tested the effectiveness of management's controls over the initial recognition of amounts as property, plant, and equipment; regulatory assets or liabilities; and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates, including Company management's determination of the likelihood of recovery of the full investment of certain regulated plants and probability of refunding amounts previously collected from customers related to certain regulated plants.
|
•
|
We evaluated the Company's disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments.
|
•
|
We evaluated external information and compared it to management's recorded regulatory asset and liability balances for completeness. Such external information included relevant regulatory orders issued by the Commissions for the Company and other public utilities in Kansas and Missouri, regulatory statutes, interpretations, procedural memorandums, filings made by intervenors, and other publicly available
|
•
|
For regulatory matters in process, including those that could impact the early retirement of regulated plants, we inspected the Company's filings with the Commissions and the filings with the Commissions by intervenors that may impact the Company's future rates, for any evidence that might contradict management's assertions.
|
•
|
We evaluated the reasonableness of management's judgments for potential indicators of abandonment by performing the following:
|
◦
|
We inquired of management about property, plant, and equipment that may be abandoned.
|
◦
|
We inspected the capital projects budget and construction-in-process listings and inquired of management to identify projects that are designed to replace assets that may be retired prior to the end of the useful life.
|
◦
|
We inspected minutes of the board of directors and regulatory orders and other filings with the Commissions to identify any evidence that may contradict management's assertion regarding probability of an abandonment.
|
•
|
We compared actual spend for projects that have been capitalized to property, plant, and equipment to budget. We evaluated regulatory filings for any evidence that intervenors are challenging full recovery of the cost of any capital projects. For significant projects that were over budget or if full recovery of project costs is being challenged by intervenors, we evaluated management's assessment of the probability of a disallowance. We tested selected costs included in the capitalized project costs for completeness and accuracy.
|
•
|
We evaluated management's analysis, and letters from internal and external legal counsel, as appropriate, regarding probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess management's assertion that amounts are probable of recovery or a future reduction in rates.
|
•
|
We evaluated management's conclusions for the probable recovery of the retired regulated plant investment with a return with the assistance of professionals in our firm having expertise in the application of accounting guidance for early retirements of regulated plants. We evaluated management's conclusions regarding the accounting for the abandonment of certain regulated plants and the impact of recent rate orders on the accounting.
|
EVERGY, INC.
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
|
|
|
|
|
||||||||
Year Ended December 31
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(millions, except per share amounts)
|
|||||||||||
OPERATING REVENUES
|
|
$
|
5,147.8
|
|
|
$
|
4,275.9
|
|
|
$
|
2,571.0
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
||||||
Fuel and purchased power
|
|
1,265.0
|
|
|
1,078.7
|
|
|
541.5
|
|
|||
SPP network transmission costs
|
|
251.3
|
|
|
259.9
|
|
|
247.9
|
|
|||
Operating and maintenance
|
|
1,218.5
|
|
|
1,115.8
|
|
|
563.5
|
|
|||
Depreciation and amortization
|
|
861.7
|
|
|
618.8
|
|
|
371.7
|
|
|||
Taxes other than income tax
|
|
365.5
|
|
|
269.1
|
|
|
167.6
|
|
|||
Total Operating Expenses
|
|
3,962.0
|
|
|
3,342.3
|
|
|
1,892.2
|
|
|||
INCOME FROM OPERATIONS
|
|
1,185.8
|
|
|
933.6
|
|
|
678.8
|
|
|||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
||||||
Investment earnings
|
|
11.0
|
|
|
8.8
|
|
|
4.0
|
|
|||
Other income
|
|
26.9
|
|
|
15.5
|
|
|
8.3
|
|
|||
Other expense
|
|
(76.9
|
)
|
|
(78.7
|
)
|
|
(39.1
|
)
|
|||
Total Other Expense, Net
|
|
(39.0
|
)
|
|
(54.4
|
)
|
|
(26.8
|
)
|
|||
Interest expense
|
|
374.0
|
|
|
279.6
|
|
|
171.0
|
|
|||
INCOME BEFORE INCOME TAXES
|
|
772.8
|
|
|
599.6
|
|
|
481.0
|
|
|||
Income tax expense
|
|
97.0
|
|
|
59.0
|
|
|
151.2
|
|
|||
Equity in earnings of equity method investees, net of income taxes
|
|
9.8
|
|
|
5.4
|
|
|
6.7
|
|
|||
NET INCOME
|
|
685.6
|
|
|
546.0
|
|
|
336.5
|
|
|||
Less: Net income attributable to noncontrolling interests
|
|
15.7
|
|
|
10.2
|
|
|
12.6
|
|
|||
NET INCOME ATTRIBUTABLE TO EVERGY, INC.
|
|
$
|
669.9
|
|
|
$
|
535.8
|
|
|
$
|
323.9
|
|
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY (see Note 1)
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
|
$
|
2.80
|
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
Diluted earnings per common share
|
|
$
|
2.79
|
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
AVERAGE COMMON SHARES OUTSTANDING
|
|
|
|
|
|
|
||||||
Basic
|
|
239.5
|
|
|
213.9
|
|
|
142.5
|
|
|||
Diluted
|
|
239.9
|
|
|
214.1
|
|
|
142.6
|
|
|||
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
||||||
NET INCOME
|
|
$
|
685.6
|
|
|
$
|
546.0
|
|
|
$
|
336.5
|
|
OTHER COMPREHENSIVE INCOME
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
||||||
Loss on derivative hedging instruments
|
|
(64.4
|
)
|
|
(5.4
|
)
|
|
—
|
|
|||
Income tax benefit
|
|
16.5
|
|
|
1.4
|
|
|
—
|
|
|||
Net loss on derivative hedging instruments
|
|
(47.9
|
)
|
|
(4.0
|
)
|
|
—
|
|
|||
Reclassification to expenses, net of tax
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|||
Derivative hedging activity, net of tax
|
|
(46.4
|
)
|
|
(4.0
|
)
|
|
—
|
|
|||
Defined benefit pension plans
|
|
|
|
|
|
|
||||||
Net gain (loss) arising during period
|
|
(0.8
|
)
|
|
1.4
|
|
|
—
|
|
|||
Income tax expense (benefit)
|
|
0.2
|
|
|
(0.4
|
)
|
|
—
|
|
|||
Net gain (loss) arising during period, net of tax
|
|
(0.6
|
)
|
|
1.0
|
|
|
—
|
|
|||
Change in unrecognized pension expense, net of tax
|
|
(0.6
|
)
|
|
1.0
|
|
|
—
|
|
|||
Total other comprehensive loss
|
|
(47.0
|
)
|
|
(3.0
|
)
|
|
—
|
|
|||
Comprehensive income
|
|
638.6
|
|
|
543.0
|
|
|
336.5
|
|
|||
Less: comprehensive income attributable to noncontrolling interest
|
|
15.7
|
|
|
10.2
|
|
|
12.6
|
|
|||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EVERGY, INC.
|
|
$
|
622.9
|
|
|
$
|
532.8
|
|
|
$
|
323.9
|
|
EVERGY, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
|
|
||||||||
|
December 31
|
||||||||||
|
2019
|
|
2018
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
23.2
|
|
|
|
|
$
|
160.3
|
|
|
Receivables, net
|
|
228.5
|
|
|
|
|
193.7
|
|
|
||
Accounts receivable pledged as collateral
|
|
339.0
|
|
|
|
|
365.0
|
|
|
||
Fuel inventory and supplies
|
|
481.6
|
|
|
|
|
511.0
|
|
|
||
Income taxes receivable
|
|
85.5
|
|
|
|
|
68.0
|
|
|
||
Regulatory assets
|
|
231.7
|
|
|
|
|
303.9
|
|
|
||
Prepaid expenses and other assets
|
|
78.2
|
|
|
|
|
79.1
|
|
|
||
Total Current Assets
|
|
1,467.7
|
|
|
|
|
1,681.0
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
19,184.4
|
|
|
|
|
18,782.5
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET
|
|
162.0
|
|
|
|
|
169.2
|
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Regulatory assets
|
|
1,740.5
|
|
|
|
|
1,757.9
|
|
|
||
Nuclear decommissioning trust fund
|
|
573.2
|
|
|
|
|
472.1
|
|
|
||
Goodwill
|
|
2,336.6
|
|
|
|
|
2,338.9
|
|
|
||
Other
|
|
511.5
|
|
|
|
|
396.5
|
|
|
||
Total Other Assets
|
|
5,161.8
|
|
|
|
|
4,965.4
|
|
|
||
TOTAL ASSETS
|
|
$
|
25,975.9
|
|
|
|
|
$
|
25,598.1
|
|
|
EVERGY, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
||||||||||
|
December 31
|
||||||||||
|
2019
|
|
2018
|
||||||||
LIABILITIES AND EQUITY
|
(millions, except share amounts)
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
251.1
|
|
|
|
|
$
|
705.4
|
|
|
Current maturities of long-term debt of variable interest entities
|
|
32.3
|
|
|
|
|
30.3
|
|
|
||
Notes payable and commercial paper
|
|
561.9
|
|
|
|
|
738.6
|
|
|
||
Collateralized note payable
|
|
339.0
|
|
|
|
|
365.0
|
|
|
||
Accounts payable
|
|
528.8
|
|
|
|
|
451.5
|
|
|
||
Accrued taxes
|
|
145.1
|
|
|
|
|
133.6
|
|
|
||
Accrued interest
|
|
122.3
|
|
|
|
|
110.9
|
|
|
||
Regulatory liabilities
|
|
63.3
|
|
|
|
|
110.2
|
|
|
||
Asset retirement obligations
|
|
71.3
|
|
|
|
|
49.8
|
|
|
||
Other
|
|
220.8
|
|
|
|
|
171.9
|
|
|
||
Total Current Liabilities
|
|
2,335.9
|
|
|
|
|
2,867.2
|
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Long-term debt, net
|
|
8,746.7
|
|
|
|
|
6,636.3
|
|
|
||
Long-term debt of variable interest entities, net
|
|
18.8
|
|
|
|
|
51.1
|
|
|
||
Deferred income taxes
|
|
1,744.4
|
|
|
|
|
1,599.2
|
|
|
||
Unamortized investment tax credits
|
|
375.4
|
|
|
|
|
373.2
|
|
|
||
Regulatory liabilities
|
|
2,248.3
|
|
|
|
|
2,218.8
|
|
|
||
Pension and post-retirement liability
|
|
1,017.6
|
|
|
|
|
987.6
|
|
|
||
Asset retirement obligations
|
|
602.8
|
|
|
|
|
637.3
|
|
|
||
Other
|
|
340.7
|
|
|
|
|
236.7
|
|
|
||
Total Long-Term Liabilities
|
|
15,094.7
|
|
|
|
|
12,740.2
|
|
|
||
Commitments and Contingencies (Note 15)
|
|
|
|
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
|
|
||||
Evergy, Inc. Shareholders' Equity:
|
|
|
|
|
|
|
|
||||
Common stock - 600,000,000 shares authorized, without par value
226,641,443 and 255,326,252 shares issued, stated value |
|
7,070.4
|
|
|
|
|
8,685.2
|
|
|
||
Retained earnings
|
|
1,551.5
|
|
|
|
|
1,346.0
|
|
|
||
Accumulated other comprehensive loss
|
|
(50.0
|
)
|
|
|
|
(3.0
|
)
|
|
||
Total Evergy, Inc. Shareholders' Equity
|
|
8,571.9
|
|
|
|
|
10,028.2
|
|
|
||
Noncontrolling Interests
|
|
(26.6
|
)
|
|
|
|
(37.5
|
)
|
|
||
Total Equity
|
|
8,545.3
|
|
|
|
|
9,990.7
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
25,975.9
|
|
|
|
|
$
|
25,598.1
|
|
|
EVERGY, INC.
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
|
|
|
|
|
|
||||||
Year Ended December 31
|
2019
|
|
2018
|
|
2017
|
||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||||||
Net income
|
$
|
685.6
|
|
|
$
|
546.0
|
|
|
$
|
336.5
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
861.7
|
|
|
618.8
|
|
|
371.7
|
|
|||
Amortization of nuclear fuel
|
51.4
|
|
|
43.6
|
|
|
32.2
|
|
|||
Amortization of deferred refueling outage
|
25.5
|
|
|
21.2
|
|
|
16.1
|
|
|||
Amortization of corporate-owned life insurance
|
19.8
|
|
|
22.6
|
|
|
20.6
|
|
|||
Non-cash compensation
|
16.3
|
|
|
29.9
|
|
|
8.8
|
|
|||
Net deferred income taxes and credits
|
121.5
|
|
|
124.2
|
|
|
149.6
|
|
|||
Allowance for equity funds used during construction
|
(2.2
|
)
|
|
(3.1
|
)
|
|
(2.0
|
)
|
|||
Payments for asset retirement obligations
|
(17.8
|
)
|
|
(22.4
|
)
|
|
(16.0
|
)
|
|||
Equity in earnings of equity method investees, net of income taxes
|
(9.8
|
)
|
|
(5.4
|
)
|
|
(6.7
|
)
|
|||
Income from corporate-owned life insurance
|
(29.6
|
)
|
|
(2.3
|
)
|
|
(2.8
|
)
|
|||
Other
|
(3.2
|
)
|
|
(5.2
|
)
|
|
(8.7
|
)
|
|||
Changes in working capital items:
|
|
|
|
|
|
||||||
Accounts receivable
|
(23.1
|
)
|
|
265.1
|
|
|
(2.1
|
)
|
|||
Accounts receivable pledged as collateral
|
26.0
|
|
|
(185.0
|
)
|
|
—
|
|
|||
Fuel inventory and supplies
|
29.9
|
|
|
54.7
|
|
|
7.2
|
|
|||
Prepaid expenses and other current assets
|
43.4
|
|
|
(128.1
|
)
|
|
55.8
|
|
|||
Accounts payable
|
16.9
|
|
|
56.7
|
|
|
10.0
|
|
|||
Accrued taxes
|
(8.2
|
)
|
|
(76.4
|
)
|
|
9.2
|
|
|||
Other current liabilities
|
(59.4
|
)
|
|
92.0
|
|
|
(118.0
|
)
|
|||
Changes in other assets
|
79.8
|
|
|
66.8
|
|
|
32.0
|
|
|||
Changes in other liabilities
|
(75.5
|
)
|
|
(15.9
|
)
|
|
19.3
|
|
|||
Cash Flows from Operating Activities
|
1,749.0
|
|
|
1,497.8
|
|
|
912.7
|
|
|||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Additions to property, plant and equipment
|
(1,210.1
|
)
|
|
(1,069.7
|
)
|
|
(764.6
|
)
|
|||
Cash acquired from the merger with Great Plains Energy
|
—
|
|
|
1,154.2
|
|
|
—
|
|
|||
Purchase of securities - trusts
|
(55.8
|
)
|
|
(117.5
|
)
|
|
(41.0
|
)
|
|||
Sale of securities - trusts
|
47.3
|
|
|
117.7
|
|
|
41.2
|
|
|||
Investment in corporate-owned life insurance
|
(18.3
|
)
|
|
(17.1
|
)
|
|
(17.0
|
)
|
|||
Proceeds from investment in corporate-owned life insurance
|
161.7
|
|
|
6.8
|
|
|
4.2
|
|
|||
Proceeds from settlement of interest rate swap
|
—
|
|
|
140.6
|
|
|
—
|
|
|||
Other investing activities
|
(5.1
|
)
|
|
(17.6
|
)
|
|
(3.6
|
)
|
|||
Cash Flows from (used in) Investing Activities
|
(1,080.3
|
)
|
|
197.4
|
|
|
(780.8
|
)
|
|||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Short term debt, net
|
(176.7
|
)
|
|
(104.0
|
)
|
|
(91.3
|
)
|
|||
Proceeds from term loan facility
|
1,000.0
|
|
|
—
|
|
|
—
|
|
|||
Repayment of term loan facility
|
(1,000.0
|
)
|
|
—
|
|
|
—
|
|
|||
Collateralized short-term borrowings, net
|
(26.0
|
)
|
|
185.0
|
|
|
—
|
|
|||
Proceeds from long-term debt
|
2,372.7
|
|
|
290.9
|
|
|
296.2
|
|
|||
Retirements of long-term debt
|
(701.1
|
)
|
|
(395.8
|
)
|
|
(125.0
|
)
|
|||
Retirements of long-term debt of variable interest entities
|
(30.3
|
)
|
|
(28.5
|
)
|
|
(26.8
|
)
|
|||
Payment for settlement of interest rate swap accounted for as a cash flow hedge
|
(69.8
|
)
|
|
—
|
|
|
—
|
|
|||
Borrowings against cash surrender value of corporate-owned life insurance
|
59.4
|
|
|
56.5
|
|
|
55.1
|
|
|||
Repayment of borrowings against cash surrender value of corporate-owned life insurance
|
(127.5
|
)
|
|
(3.9
|
)
|
|
(1.0
|
)
|
|||
Cash dividends paid
|
(462.5
|
)
|
|
(475.0
|
)
|
|
(223.1
|
)
|
|||
Repurchase of common stock under repurchase plan
|
(1,628.7
|
)
|
|
(1,042.3
|
)
|
|
—
|
|
|||
Distributions to shareholders of noncontrolling interests
|
(8.6
|
)
|
|
—
|
|
|
(5.8
|
)
|
|||
Other financing activities
|
(6.7
|
)
|
|
(21.3
|
)
|
|
(9.9
|
)
|
|||
Cash Flows used in Financing Activities
|
(805.8
|
)
|
|
(1,538.4
|
)
|
|
(131.6
|
)
|
|||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(137.1
|
)
|
|
156.8
|
|
|
0.3
|
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
|
|
|
|
|
|
||||||
Beginning of period
|
160.3
|
|
|
3.5
|
|
|
3.2
|
|
|||
End of period
|
$
|
23.2
|
|
|
$
|
160.3
|
|
|
$
|
3.5
|
|
EVERGY, INC.
|
|||||||||||||||||
Consolidated Statements of Changes in Equity
|
|||||||||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Evergy, Inc. Shareholders
|
|
|
||||||||||||||
|
Common stock shares
|
Common stock
|
Retained earnings
|
AOCI
|
Non-controlling interests
|
Total equity
|
|||||||||||
|
(millions, except share amounts)
|
||||||||||||||||
Balance as of December 31, 2016
|
141,791,153
|
|
$
|
2,727.3
|
|
$
|
1,078.6
|
|
$
|
—
|
|
$
|
27.3
|
|
$
|
3,833.2
|
|
Net income
|
—
|
|
—
|
|
323.9
|
|
—
|
|
12.6
|
|
336.5
|
|
|||||
Issuance of stock
|
12,131
|
|
0.6
|
|
—
|
|
—
|
|
—
|
|
0.6
|
|
|||||
Issuance of stock compensation and reinvested dividends, net of tax withholding
|
290,991
|
|
(1.9
|
)
|
—
|
|
—
|
|
—
|
|
(1.9
|
)
|
|||||
Dividends declared on common stock ($1.60 per share)
|
—
|
|
—
|
|
(229.2
|
)
|
—
|
|
—
|
|
(229.2
|
)
|
|||||
Stock compensation expense
|
—
|
|
8.8
|
|
—
|
|
—
|
|
—
|
|
8.8
|
|
|||||
Deconsolidation of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(81.9
|
)
|
(81.9
|
)
|
|||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(5.7
|
)
|
(5.7
|
)
|
|||||
Balance as of December 31, 2017
|
142,094,275
|
|
2,734.8
|
|
1,173.3
|
|
—
|
|
(47.7
|
)
|
3,860.4
|
|
|||||
Net income
|
—
|
|
—
|
|
535.8
|
|
—
|
|
10.2
|
|
546.0
|
|
|||||
Issuance of stock to Great Plains Energy shareholders
|
128,947,518
|
|
6,979.9
|
|
—
|
|
—
|
|
—
|
|
6,979.9
|
|
|||||
Issuance of restricted common stock
|
122,505
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Issuance of stock compensation and reinvested dividends,
net of tax withholding |
533,273
|
|
(16.7
|
)
|
—
|
|
—
|
|
—
|
|
(16.7
|
)
|
|||||
Dividends declared on common stock ($1.735 per share)
|
—
|
|
—
|
|
(362.1
|
)
|
—
|
|
—
|
|
(362.1
|
)
|
|||||
Dividend equivalents declared
|
—
|
|
—
|
|
(1.0
|
)
|
—
|
|
—
|
|
(1.0
|
)
|
|||||
Stock compensation expense
|
—
|
|
29.9
|
|
—
|
|
—
|
|
—
|
|
29.9
|
|
|||||
Repurchase of common stock
|
(16,371,319
|
)
|
(1,042.3
|
)
|
—
|
|
—
|
|
—
|
|
(1,042.3
|
)
|
|||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
(4.0
|
)
|
—
|
|
(4.0
|
)
|
|||||
Change in unrecognized pension expense, net of tax
|
—
|
|
—
|
|
—
|
|
1.0
|
|
—
|
|
1.0
|
|
|||||
Other
|
—
|
|
(0.4
|
)
|
—
|
|
—
|
|
—
|
|
(0.4
|
)
|
|||||
Balance as of December 31, 2018
|
255,326,252
|
|
8,685.2
|
|
1,346.0
|
|
(3.0
|
)
|
(37.5
|
)
|
9,990.7
|
|
|||||
Net income
|
—
|
|
—
|
|
669.9
|
|
—
|
|
15.7
|
|
685.6
|
|
|||||
Issuance of stock compensation and reinvested dividends,
net of tax withholding |
111,849
|
|
(2.4
|
)
|
—
|
|
—
|
|
—
|
|
(2.4
|
)
|
|||||
Dividends declared on common stock ($1.93 per share)
|
—
|
|
—
|
|
(462.5
|
)
|
—
|
|
—
|
|
(462.5
|
)
|
|||||
Dividend equivalents declared
|
—
|
|
—
|
|
(1.9
|
)
|
—
|
|
—
|
|
(1.9
|
)
|
|||||
Stock compensation expense
|
—
|
|
16.3
|
|
—
|
|
—
|
|
—
|
|
16.3
|
|
|||||
Repurchase of common stock under repurchase plan
|
(28,796,658
|
)
|
(1,628.7
|
)
|
—
|
|
—
|
|
—
|
|
(1,628.7
|
)
|
|||||
Consolidation of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
3.8
|
|
3.8
|
|
|||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(8.6
|
)
|
(8.6
|
)
|
|||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
(46.4
|
)
|
—
|
|
(46.4
|
)
|
|||||
Change in unrecognized pension expense, net of tax
|
—
|
|
—
|
|
—
|
|
(0.6
|
)
|
—
|
|
(0.6
|
)
|
|||||
Balance as of December 31, 2019
|
226,641,443
|
|
$
|
7,070.4
|
|
$
|
1,551.5
|
|
$
|
(50.0
|
)
|
$
|
(26.6
|
)
|
$
|
8,545.3
|
|
EVERGY KANSAS CENTRAL, INC.
|
||||||||||||
Consolidated Statements of Income
|
||||||||||||
|
|
|
|
|
|
|
||||||
Year Ended December 31
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(millions)
|
||||||||||
OPERATING REVENUES
|
|
$
|
2,507.4
|
|
|
$
|
2,614.9
|
|
|
$
|
2,571.0
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
||||||
Fuel and purchased power
|
|
493.0
|
|
|
599.2
|
|
|
541.5
|
|
|||
SPP network transmission costs
|
|
251.3
|
|
|
259.9
|
|
|
247.9
|
|
|||
Operating and maintenance
|
|
530.5
|
|
|
640.7
|
|
|
563.5
|
|
|||
Depreciation and amortization
|
|
443.8
|
|
|
390.9
|
|
|
371.7
|
|
|||
Taxes other than income tax
|
|
192.3
|
|
|
173.7
|
|
|
167.6
|
|
|||
Total Operating Expenses
|
|
1,910.9
|
|
|
2,064.4
|
|
|
1,892.2
|
|
|||
INCOME FROM OPERATIONS
|
|
596.5
|
|
|
550.5
|
|
|
678.8
|
|
|||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
||||||
Investment earnings (loss)
|
|
4.1
|
|
|
(0.6
|
)
|
|
4.0
|
|
|||
Other income
|
|
23.1
|
|
|
13.9
|
|
|
8.3
|
|
|||
Other expense
|
|
(40.1
|
)
|
|
(46.8
|
)
|
|
(39.1
|
)
|
|||
Total Other Expense, Net
|
|
(12.9
|
)
|
|
(33.5
|
)
|
|
(26.8
|
)
|
|||
Interest expense
|
|
177.0
|
|
|
176.8
|
|
|
171.0
|
|
|||
INCOME BEFORE INCOME TAXES
|
|
406.6
|
|
|
340.2
|
|
|
481.0
|
|
|||
Income tax expense (benefit)
|
|
52.1
|
|
|
(4.3
|
)
|
|
151.2
|
|
|||
Equity in earnings of equity method investees, net of income taxes
|
|
4.6
|
|
|
4.6
|
|
|
6.7
|
|
|||
NET INCOME
|
|
359.1
|
|
|
349.1
|
|
|
336.5
|
|
|||
Less: Net income attributable to noncontrolling interests
|
|
15.7
|
|
|
10.2
|
|
|
12.6
|
|
|||
NET INCOME ATTRIBUTABLE TO EVERGY KANSAS CENTRAL, INC.
|
|
$
|
343.4
|
|
|
$
|
338.9
|
|
|
$
|
323.9
|
|
EVERGY KANSAS CENTRAL, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
|
|
||||||||
|
December 31
|
||||||||||
|
2019
|
|
2018
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
5.2
|
|
|
|
|
$
|
44.5
|
|
|
Receivables, net
|
|
140.4
|
|
|
|
|
84.3
|
|
|
||
Related party receivables
|
|
9.9
|
|
|
|
|
2.6
|
|
|
||
Accounts receivable pledged as collateral
|
|
171.0
|
|
|
|
|
185.0
|
|
|
||
Fuel inventory and supplies
|
|
266.4
|
|
|
|
|
276.8
|
|
|
||
Income taxes receivable
|
|
30.4
|
|
|
|
|
42.7
|
|
|
||
Regulatory assets
|
|
93.3
|
|
|
|
|
97.1
|
|
|
||
Prepaid expenses and other assets
|
|
34.3
|
|
|
|
|
35.0
|
|
|
||
Total Current Assets
|
|
750.9
|
|
|
|
|
768.0
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
9,864.9
|
|
|
|
|
9,718.3
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET
|
|
162.0
|
|
|
|
|
169.2
|
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Regulatory assets
|
|
730.4
|
|
|
|
|
700.4
|
|
|
||
Nuclear decommissioning trust fund
|
|
272.5
|
|
|
|
|
227.5
|
|
|
||
Other
|
|
266.0
|
|
|
|
|
233.4
|
|
|
||
Total Other Assets
|
|
1,268.9
|
|
|
|
|
1,161.3
|
|
|
||
TOTAL ASSETS
|
|
$
|
12,046.7
|
|
|
|
|
$
|
11,816.8
|
|
|
EVERGY KANSAS CENTRAL, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
||||||||||
|
December 31
|
||||||||||
|
2019
|
|
2018
|
||||||||
LIABILITIES AND EQUITY
|
(millions, except share amounts)
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
250.0
|
|
|
|
|
$
|
300.0
|
|
|
Current maturities of long-term debt of variable interest entities
|
|
32.3
|
|
|
|
|
30.3
|
|
|
||
Notes payable and commercial paper
|
|
249.2
|
|
|
|
|
411.7
|
|
|
||
Collateralized note payable
|
|
171.0
|
|
|
|
|
185.0
|
|
|
||
Accounts payable
|
|
200.5
|
|
|
|
|
154.4
|
|
|
||
Related party payables
|
|
14.8
|
|
|
|
|
14.9
|
|
|
||
Accrued taxes
|
|
98.7
|
|
|
|
|
88.6
|
|
|
||
Accrued interest
|
|
74.2
|
|
|
|
|
74.4
|
|
|
||
Regulatory liabilities
|
|
42.3
|
|
|
|
|
19.5
|
|
|
||
Asset retirement obligations
|
|
23.3
|
|
|
|
|
17.1
|
|
|
||
Other
|
|
130.2
|
|
|
|
|
83.0
|
|
|
||
Total Current Liabilities
|
|
1,286.5
|
|
|
|
|
1,378.9
|
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Long-term debt, net
|
|
3,436.1
|
|
|
|
|
3,389.8
|
|
|
||
Long-term debt of variable interest entities, net
|
|
18.8
|
|
|
|
|
51.1
|
|
|
||
Deferred income taxes
|
|
817.7
|
|
|
|
|
815.4
|
|
|
||
Unamortized investment tax credits
|
|
253.2
|
|
|
|
|
249.7
|
|
|
||
Regulatory liabilities
|
|
1,132.5
|
|
|
|
|
1,101.8
|
|
|
||
Pension and post-retirement liability
|
|
495.5
|
|
|
|
|
474.7
|
|
|
||
Asset retirement obligations
|
|
249.6
|
|
|
|
|
264.0
|
|
|
||
Other
|
|
151.8
|
|
|
|
|
130.7
|
|
|
||
Total Long-Term Liabilities
|
|
6,555.2
|
|
|
|
|
6,477.2
|
|
|
||
Commitments and Contingencies (Note 15)
|
|
|
|
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
|
|
|
|||
Evergy Kansas Central, Inc. Shareholder's Equity:
|
|
|
|
|
|
|
|
|
|
||
Common stock - 1,000 shares authorized, $0.01 par value, 1 share issued
|
|
2,737.6
|
|
|
|
|
2,737.6
|
|
|
||
Retained earnings
|
|
1,494.0
|
|
|
|
|
1,260.6
|
|
|
||
Total Evergy Kansas Central, Inc. Shareholder's Equity
|
|
4,231.6
|
|
|
|
|
3,998.2
|
|
|
||
Noncontrolling Interests
|
|
(26.6
|
)
|
|
|
|
(37.5
|
)
|
|
||
Total Equity
|
|
4,205.0
|
|
|
|
|
3,960.7
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
12,046.7
|
|
|
|
|
$
|
11,816.8
|
|
|
EVERGY KANSAS CENTRAL, INC.
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
|
|||||||||||
Year Ended December 31
|
2019
|
|
2018
|
|
2017
|
||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||||||
Net income
|
$
|
359.1
|
|
|
$
|
349.1
|
|
|
$
|
336.5
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
443.8
|
|
|
390.9
|
|
|
371.7
|
|
|||
Amortization of nuclear fuel
|
25.6
|
|
|
26.0
|
|
|
32.2
|
|
|||
Amortization of deferred refueling outage
|
12.8
|
|
|
13.7
|
|
|
16.1
|
|
|||
Amortization of corporate-owned life insurance
|
19.8
|
|
|
22.6
|
|
|
20.6
|
|
|||
Non-cash compensation
|
—
|
|
|
19.9
|
|
|
8.8
|
|
|||
Net deferred income taxes and credits
|
11.6
|
|
|
(2.2
|
)
|
|
149.6
|
|
|||
Allowance for equity funds used during construction
|
—
|
|
|
(2.9
|
)
|
|
(2.0
|
)
|
|||
Payments for asset retirement obligations
|
(14.8
|
)
|
|
(12.0
|
)
|
|
(16.0
|
)
|
|||
Equity in earnings of equity method investees, net of income taxes
|
(4.6
|
)
|
|
(4.6
|
)
|
|
(6.7
|
)
|
|||
Income from corporate-owned life insurance
|
(29.0
|
)
|
|
(2.3
|
)
|
|
(2.8
|
)
|
|||
Other
|
(5.5
|
)
|
|
(5.4
|
)
|
|
(8.7
|
)
|
|||
Changes in working capital items:
|
|
|
|
|
|
||||||
Accounts receivable
|
(65.9
|
)
|
|
207.9
|
|
|
(2.1
|
)
|
|||
Accounts receivable pledged as collateral
|
14.0
|
|
|
(185.0
|
)
|
|
—
|
|
|||
Fuel inventory and supplies
|
10.9
|
|
|
17.3
|
|
|
7.2
|
|
|||
Prepaid expenses and other current assets
|
(11.7
|
)
|
|
(134.2
|
)
|
|
55.8
|
|
|||
Accounts payable
|
6.9
|
|
|
(17.6
|
)
|
|
10.0
|
|
|||
Accrued taxes
|
20.2
|
|
|
(24.1
|
)
|
|
9.2
|
|
|||
Other current liabilities
|
12.1
|
|
|
88.3
|
|
|
(118.0
|
)
|
|||
Changes in other assets
|
47.0
|
|
|
42.7
|
|
|
32.0
|
|
|||
Changes in other liabilities
|
(29.5
|
)
|
|
(36.2
|
)
|
|
19.3
|
|
|||
Cash Flows from Operating Activities
|
822.8
|
|
|
751.9
|
|
|
912.7
|
|
|||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Additions to property, plant and equipment
|
(596.1
|
)
|
|
(713.3
|
)
|
|
(764.6
|
)
|
|||
Purchase of securities - trusts
|
(21.8
|
)
|
|
(99.4
|
)
|
|
(41.0
|
)
|
|||
Sale of securities - trusts
|
21.6
|
|
|
104.2
|
|
|
41.2
|
|
|||
Investment in corporate-owned life insurance
|
(17.6
|
)
|
|
(17.1
|
)
|
|
(17.0
|
)
|
|||
Proceeds from investment in corporate-owned life insurance
|
158.9
|
|
|
6.8
|
|
|
4.2
|
|
|||
Other investing activities
|
(3.2
|
)
|
|
(8.6
|
)
|
|
(3.6
|
)
|
|||
Cash Flows used in Investing Activities
|
(458.2
|
)
|
|
(727.4
|
)
|
|
(780.8
|
)
|
|||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Short term debt, net
|
(162.5
|
)
|
|
133.7
|
|
|
(91.3
|
)
|
|||
Collateralized short-term debt, net
|
(14.0
|
)
|
|
185.0
|
|
|
—
|
|
|||
Proceeds from long-term debt
|
294.7
|
|
|
121.9
|
|
|
296.2
|
|
|||
Retirements of long-term debt
|
(300.0
|
)
|
|
(121.9
|
)
|
|
(125.0
|
)
|
|||
Retirements of long-term debt of variable interest entities
|
(30.3
|
)
|
|
(28.5
|
)
|
|
(26.8
|
)
|
|||
Borrowings against cash surrender value of corporate-owned life insurance
|
56.5
|
|
|
56.5
|
|
|
55.1
|
|
|||
Repayment of borrowings against cash surrender value of corporate-owned life insurance
|
(125.4
|
)
|
|
(3.9
|
)
|
|
(1.0
|
)
|
|||
Cash dividends paid
|
(110.0
|
)
|
|
(305.1
|
)
|
|
(223.1
|
)
|
|||
Distributions to shareholders of noncontrolling interests
|
(8.6
|
)
|
|
—
|
|
|
(5.8
|
)
|
|||
Other financing activities
|
(4.3
|
)
|
|
(21.2
|
)
|
|
(9.9
|
)
|
|||
Cash Flows from (used in) Financing Activities
|
(403.9
|
)
|
|
16.5
|
|
|
(131.6
|
)
|
|||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(39.3
|
)
|
|
41.0
|
|
|
0.3
|
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
|
|
|
|
|
|
||||||
Beginning of period
|
44.5
|
|
|
3.5
|
|
|
3.2
|
|
|||
End of period
|
$
|
5.2
|
|
|
$
|
44.5
|
|
|
$
|
3.5
|
|
EVERGY KANSAS CENTRAL, INC.
|
||||||||||||||
Consolidated Statements of Changes in Equity
|
||||||||||||||
|
|
|
|
|
|
|||||||||
|
Evergy Kansas Central, Inc. Shareholder
|
|
|
|||||||||||
|
Common stock shares
|
Common stock
|
Retained earnings
|
Non-controlling interests
|
Total equity
|
|||||||||
|
(millions, except share amounts)
|
|||||||||||||
Balance as of December 31, 2016
|
141,791,153
|
|
$
|
2,727.3
|
|
$
|
1,078.6
|
|
$
|
27.3
|
|
$
|
3,833.2
|
|
Net income
|
—
|
|
—
|
|
323.9
|
|
12.6
|
|
336.5
|
|
||||
Issuance of stock
|
12,131
|
|
0.6
|
|
—
|
|
—
|
|
0.6
|
|
||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding
|
290,991
|
|
(1.9
|
)
|
—
|
|
—
|
|
(1.9
|
)
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(229.2
|
)
|
—
|
|
(229.2
|
)
|
||||
Stock compensation expense
|
—
|
|
8.8
|
|
—
|
|
—
|
|
8.8
|
|
||||
Deconsolidation of noncontrolling interest
|
—
|
|
—
|
|
—
|
|
(81.9
|
)
|
(81.9
|
)
|
||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
(5.7
|
)
|
(5.7
|
)
|
||||
Balance as of December 31, 2017
|
142,094,275
|
|
2,734.8
|
|
1,173.3
|
|
(47.7
|
)
|
3,860.4
|
|
||||
Net income
|
—
|
—
|
|
338.9
|
|
10.2
|
|
349.1
|
|
|||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding
|
516,990
|
(17.2
|
)
|
—
|
|
—
|
|
(17.2
|
)
|
|||||
Stock cancelled pursuant to Amended Merger Agreement
|
(142,611,264)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Dividends declared on common stock
|
—
|
—
|
|
(251.6
|
)
|
—
|
|
(251.6
|
)
|
|||||
Stock compensation expense
|
—
|
19.9
|
|
—
|
|
—
|
|
19.9
|
|
|||||
Other
|
—
|
0.1
|
|
—
|
|
—
|
|
0.1
|
|
|||||
Balance as of December 31, 2018
|
1
|
|
2,737.6
|
|
1,260.6
|
|
(37.5
|
)
|
3,960.7
|
|
||||
Net income
|
—
|
|
—
|
|
343.4
|
|
15.7
|
|
359.1
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(110.0
|
)
|
—
|
|
(110.0
|
)
|
||||
Consolidation of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
3.8
|
|
3.8
|
|
||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
(8.6
|
)
|
(8.6
|
)
|
||||
Balance as of December 31, 2019
|
1
|
|
$
|
2,737.6
|
|
$
|
1,494.0
|
|
$
|
(26.6
|
)
|
$
|
4,205.0
|
|
EVERGY METRO, INC.
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
|
|
|
|
|
||||||||
Year Ended December 31
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(millions)
|
||||||||||
OPERATING REVENUES
|
|
$
|
1,806.5
|
|
|
$
|
1,823.1
|
|
|
$
|
1,890.7
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|||
Fuel and purchased power
|
|
482.1
|
|
|
520.6
|
|
|
480.7
|
|
|||
Operating and maintenance
|
|
451.9
|
|
|
494.2
|
|
|
474.8
|
|
|||
Depreciation and amortization
|
|
318.4
|
|
|
281.3
|
|
|
266.3
|
|
|||
Taxes other than income tax
|
|
127.6
|
|
|
117.2
|
|
|
182.5
|
|
|||
Total Operating Expenses
|
|
1,380.0
|
|
|
1,413.3
|
|
|
1,404.3
|
|
|||
INCOME FROM OPERATIONS
|
|
426.5
|
|
|
409.8
|
|
|
486.4
|
|
|||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
||||||
Investment earnings
|
|
2.4
|
|
|
2.8
|
|
|
2.0
|
|
|||
Other income
|
|
3.2
|
|
|
2.2
|
|
|
9.2
|
|
|||
Other expense
|
|
(21.4
|
)
|
|
(30.9
|
)
|
|
(50.8
|
)
|
|||
Total Other Expense, Net
|
|
(15.8
|
)
|
|
(25.9
|
)
|
|
(39.6
|
)
|
|||
Interest expense
|
|
119.8
|
|
|
133.7
|
|
|
138.8
|
|
|||
INCOME BEFORE INCOME TAXES
|
|
290.9
|
|
|
250.2
|
|
|
308.0
|
|
|||
Income tax expense
|
|
35.7
|
|
|
87.3
|
|
|
128.2
|
|
|||
NET INCOME
|
|
$
|
255.2
|
|
|
$
|
162.9
|
|
|
$
|
179.8
|
|
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|||
NET INCOME
|
|
$
|
255.2
|
|
|
$
|
162.9
|
|
|
$
|
179.8
|
|
OTHER COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|||
Reclassification to expenses, net of tax:
|
|
0.7
|
|
|
3.7
|
|
|
4.6
|
|
|||
Derivative hedging activity, net of tax
|
|
0.7
|
|
|
3.7
|
|
|
4.6
|
|
|||
Total other comprehensive income
|
|
0.7
|
|
|
3.7
|
|
|
4.6
|
|
|||
COMPREHENSIVE INCOME
|
|
$
|
255.9
|
|
|
$
|
166.6
|
|
|
$
|
184.4
|
|
EVERGY METRO, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
|
|
||||||||
|
December 31
|
||||||||||
|
2019
|
|
2018
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2.0
|
|
|
|
|
$
|
2.6
|
|
|
Receivables, net
|
|
48.1
|
|
|
|
|
62.7
|
|
|
||
Related party receivables
|
|
93.9
|
|
|
|
|
101.8
|
|
|
||
Accounts receivable pledged as collateral
|
|
118.0
|
|
|
|
|
130.0
|
|
|
||
Fuel inventory and supplies
|
|
163.0
|
|
|
|
|
177.6
|
|
|
||
Income taxes receivable
|
|
8.7
|
|
|
|
|
—
|
|
|
||
Regulatory assets
|
|
95.4
|
|
|
|
|
130.9
|
|
|
||
Prepaid expenses
|
|
22.8
|
|
|
|
|
20.1
|
|
|
||
Other assets
|
|
15.0
|
|
|
|
|
16.8
|
|
|
||
Total Current Assets
|
|
566.9
|
|
|
|
|
642.5
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
6,839.0
|
|
|
|
|
6,688.1
|
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Regulatory assets
|
|
464.4
|
|
|
|
|
495.2
|
|
|
||
Nuclear decommissioning trust fund
|
|
300.7
|
|
|
|
|
244.6
|
|
|
||
Other
|
|
134.1
|
|
|
|
|
50.1
|
|
|
||
Total Other Assets
|
|
899.2
|
|
|
|
|
789.9
|
|
|
||
TOTAL ASSETS
|
|
$
|
8,305.1
|
|
|
|
|
$
|
8,120.5
|
|
|
EVERGY METRO, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
||||||||||
|
December 31
|
||||||||||
|
2019
|
|
2018
|
||||||||
LIABILITIES AND EQUITY
|
(millions, except share amounts)
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
|
|
$
|
400.0
|
|
|
Notes payable and commercial paper
|
|
199.3
|
|
|
|
|
176.9
|
|
|
||
Collateralized note payable
|
|
118.0
|
|
|
|
|
130.0
|
|
|
||
Accounts payable
|
|
233.6
|
|
|
|
|
211.1
|
|
|
||
Related party payables
|
|
4.6
|
|
|
|
|
—
|
|
|
||
Accrued taxes
|
|
38.8
|
|
|
|
|
39.7
|
|
|
||
Accrued interest
|
|
26.7
|
|
|
|
|
28.9
|
|
|
||
Regulatory liabilities
|
|
11.4
|
|
|
|
|
52.8
|
|
|
||
Asset retirement obligations
|
|
36.1
|
|
|
|
|
29.2
|
|
|
||
Accrued compensation benefits
|
|
45.1
|
|
|
|
|
52.5
|
|
|
||
Other
|
|
34.0
|
|
|
|
|
17.2
|
|
|
||
Total Current Liabilities
|
|
747.6
|
|
|
|
|
1,138.3
|
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Long-term debt, net
|
|
2,525.0
|
|
|
|
|
2,130.1
|
|
|
||
Deferred income taxes
|
|
642.8
|
|
|
|
|
631.8
|
|
|
||
Unamortized investment tax credits
|
|
119.6
|
|
|
|
|
120.7
|
|
|
||
Regulatory liabilities
|
|
792.2
|
|
|
|
|
794.3
|
|
|
||
Pension and post-retirement liability
|
|
499.7
|
|
|
|
|
491.9
|
|
|
||
Asset retirement obligations
|
|
217.5
|
|
|
|
|
231.8
|
|
|
||
Other
|
|
180.0
|
|
|
|
|
81.8
|
|
|
||
Total Long-Term Liabilities
|
|
4,976.8
|
|
|
|
|
4,482.4
|
|
|
||
Commitments and Contingencies (Note 15)
|
|
|
|
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
|
|
|
|
||
Common stock - 1,000 shares authorized, without par value, 1 share issued, stated value
|
|
1,563.1
|
|
|
|
|
1,563.1
|
|
|
||
Retained earnings
|
|
1,012.8
|
|
|
|
|
932.6
|
|
|
||
Accumulated other comprehensive income
|
|
4.8
|
|
|
|
|
4.1
|
|
|
||
Total Equity
|
|
2,580.7
|
|
|
|
|
2,499.8
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
8,305.1
|
|
|
|
|
$
|
8,120.5
|
|
|
EVERGY METRO, INC.
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
|
|
|
|
|
|
||||||
Year Ended December 31
|
2019
|
|
2018
|
|
2017
|
||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||||||
Net income
|
$
|
255.2
|
|
|
$
|
162.9
|
|
|
$
|
179.8
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
318.4
|
|
|
281.3
|
|
|
266.3
|
|
|||
Amortization of nuclear fuel
|
25.9
|
|
|
26.2
|
|
|
32.1
|
|
|||
Amortization of deferred refueling outage
|
12.8
|
|
|
13.5
|
|
|
18.3
|
|
|||
Net deferred income taxes and credits
|
(30.6
|
)
|
|
48.6
|
|
|
82.5
|
|
|||
Allowance for equity funds used during construction
|
(2.2
|
)
|
|
(1.4
|
)
|
|
(6.0
|
)
|
|||
Payments for asset retirement obligations
|
(2.5
|
)
|
|
(13.1
|
)
|
|
(25.5
|
)
|
|||
Other
|
0.3
|
|
|
3.9
|
|
|
7.5
|
|
|||
Changes in working capital items:
|
|
|
|
|
|
|
|||||
Accounts receivable
|
37.0
|
|
|
36.5
|
|
|
13.8
|
|
|||
Accounts receivable pledged as collateral
|
12.0
|
|
|
—
|
|
|
(20.0
|
)
|
|||
Fuel inventory and supplies
|
14.6
|
|
|
19.4
|
|
|
(5.2
|
)
|
|||
Prepaid expenses and other current assets
|
28.0
|
|
|
7.2
|
|
|
8.4
|
|
|||
Accounts payable
|
9.1
|
|
|
(34.6
|
)
|
|
11.7
|
|
|||
Accrued taxes
|
(9.6
|
)
|
|
16.1
|
|
|
9.1
|
|
|||
Other current liabilities
|
(53.2
|
)
|
|
10.4
|
|
|
(0.1
|
)
|
|||
Changes in other assets
|
33.7
|
|
|
42.9
|
|
|
31.7
|
|
|||
Changes in other liabilities
|
(34.7
|
)
|
|
37.9
|
|
|
6.5
|
|
|||
Cash Flows from Operating Activities
|
614.2
|
|
|
657.7
|
|
|
610.9
|
|
|||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Additions to property, plant and equipment
|
(445.0
|
)
|
|
(430.7
|
)
|
|
(468.6
|
)
|
|||
Purchase of securities - trusts
|
(34.0
|
)
|
|
(35.1
|
)
|
|
(33.6
|
)
|
|||
Sale of securities - trusts
|
25.7
|
|
|
27.1
|
|
|
30.3
|
|
|||
Other investing activities
|
9.0
|
|
|
4.8
|
|
|
0.9
|
|
|||
Cash Flows used in Investing Activities
|
(444.3
|
)
|
|
(433.9
|
)
|
|
(471.0
|
)
|
|||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Short term debt, net
|
22.4
|
|
|
8.0
|
|
|
34.6
|
|
|||
Collateralized short-term debt, net
|
(12.0
|
)
|
|
—
|
|
|
20.0
|
|
|||
Proceeds from long-term debt
|
393.2
|
|
|
465.6
|
|
|
296.2
|
|
|||
Retirements of long-term debt
|
(400.0
|
)
|
|
(519.9
|
)
|
|
(281.0
|
)
|
|||
Cash dividends paid
|
(175.0
|
)
|
|
(180.0
|
)
|
|
(212.0
|
)
|
|||
Other financing activities
|
0.9
|
|
|
2.9
|
|
|
—
|
|
|||
Cash Flows used in Financing Activities
|
(170.5
|
)
|
|
(223.4
|
)
|
|
(142.2
|
)
|
|||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(0.6
|
)
|
|
0.4
|
|
|
(2.3
|
)
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
|
|
|
|
|
|
||||||
Beginning of period
|
2.6
|
|
|
2.2
|
|
|
4.5
|
|
|||
End of period
|
$
|
2.0
|
|
|
$
|
2.6
|
|
|
$
|
2.2
|
|
EVERGY METRO, INC
|
||||||||||||||
Consolidated Statements of Changes in Equity
|
||||||||||||||
|
|
|||||||||||||
|
Common stock shares
|
Common Stock
|
Retained earnings
|
AOCI - Net gains (losses) on cash flow hedges
|
Total Equity
|
|||||||||
|
(millions, except share amounts)
|
|||||||||||||
Balance as of December 31, 2016
|
1
|
|
$
|
1,563.1
|
|
$
|
982.6
|
|
$
|
(4.2
|
)
|
$
|
2,541.5
|
|
Net income
|
—
|
|
—
|
|
179.8
|
|
—
|
|
179.8
|
|
||||
Cumulative effect of adoption of ASU 2016-09
|
—
|
|
—
|
|
(0.7
|
)
|
—
|
|
(0.7
|
)
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(212.0
|
)
|
—
|
|
(212.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
4.6
|
|
4.6
|
|
||||
Balance as of December 31, 2017
|
1
|
|
1,563.1
|
|
949.7
|
|
0.4
|
|
2,513.2
|
|
||||
Net income
|
—
|
|
—
|
|
162.9
|
|
—
|
|
162.9
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(180.0
|
)
|
—
|
|
(180.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
3.7
|
|
3.7
|
|
||||
Balance as of December 31, 2018
|
1
|
|
1,563.1
|
|
932.6
|
|
4.1
|
|
2,499.8
|
|
||||
Net income
|
—
|
|
—
|
|
255.2
|
|
—
|
|
255.2
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(175.0
|
)
|
—
|
|
(175.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
0.7
|
|
0.7
|
|
||||
Balance as of December 31, 2019
|
1
|
|
$
|
1,563.1
|
|
$
|
1,012.8
|
|
$
|
4.8
|
|
$
|
2,580.7
|
|
•
|
Evergy Kansas Central, Inc. (Evergy Kansas Central), formerly known as Westar Energy, Inc., is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South), formerly known as Kansas Gas and Electric Company.
|
•
|
Evergy Metro, Inc. (Evergy Metro), formerly known as Kansas City Power & Light Company, is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
|
•
|
Evergy Missouri West, Inc. (Evergy Missouri West), formerly known as KCP&L Greater Missouri Operations Company, is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
|
•
|
Evergy Transmission Company, LLC (Evergy Transmission Company), formerly known as GPE Transmission Holding Company, LLC, owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.
|
|
December 31
|
||||||
|
2019
|
|
2018
|
||||
Evergy
|
(millions)
|
||||||
Fuel inventory
|
$
|
146.4
|
|
|
$
|
168.9
|
|
Supplies
|
335.2
|
|
|
342.1
|
|
||
Fuel inventory and supplies
|
$
|
481.6
|
|
|
$
|
511.0
|
|
Evergy Kansas Central
|
|
|
|
||||
Fuel inventory
|
$
|
80.2
|
|
|
$
|
87.8
|
|
Supplies
|
186.2
|
|
|
189.0
|
|
||
Fuel inventory and supplies
|
$
|
266.4
|
|
|
$
|
276.8
|
|
Evergy Metro
|
|
|
|
||||
Fuel inventory
|
$
|
46.1
|
|
|
$
|
57.8
|
|
Supplies
|
116.9
|
|
|
119.8
|
|
||
Fuel inventory and supplies
|
$
|
163.0
|
|
|
$
|
177.6
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Evergy
|
(millions)
|
||||||||||
AFUDC borrowed funds
|
$
|
14.5
|
|
|
$
|
10.4
|
|
|
$
|
5.6
|
|
AFUDC equity funds
|
2.2
|
|
|
3.1
|
|
|
2.0
|
|
|||
Total
|
$
|
16.7
|
|
|
$
|
13.5
|
|
|
$
|
7.6
|
|
Evergy Kansas Central
|
|
|
|
|
|
||||||
AFUDC borrowed funds
|
$
|
7.5
|
|
|
$
|
6.6
|
|
|
$
|
5.6
|
|
AFUDC equity funds
|
—
|
|
|
2.9
|
|
|
2.0
|
|
|||
Total
|
$
|
7.5
|
|
|
$
|
9.5
|
|
|
$
|
7.6
|
|
Evergy Metro(a)
|
|
|
|
|
|
||||||
AFUDC borrowed funds
|
$
|
4.3
|
|
|
$
|
4.9
|
|
|
$
|
6.1
|
|
AFUDC equity funds
|
2.2
|
|
|
1.4
|
|
|
6.0
|
|
|||
Total
|
$
|
6.5
|
|
|
$
|
6.3
|
|
|
$
|
12.1
|
|
|
2019
|
|
2018
|
|
2017
|
Evergy Kansas Central
|
3.0%
|
|
3.3%
|
|
2.3%
|
Evergy Metro
|
4.6%
|
|
3.9%
|
|
4.9%
|
Evergy Missouri West
|
3.7%
|
|
2.9%
|
|
1.9%
|
|
|
Evergy
|
|
|
Evergy Kansas Central
|
|
|
Evergy Metro
|
|
||||||||
|
|
(years)
|
|
||||||||||||||
Generating facilities
|
|
8
|
to
|
87
|
|
|
|
8
|
to
|
87
|
|
|
|
20
|
to
|
60
|
|
Transmission facilities
|
|
15
|
to
|
94
|
|
|
|
36
|
to
|
94
|
|
|
|
15
|
to
|
70
|
|
Distribution facilities
|
|
8
|
to
|
73
|
|
|
|
19
|
to
|
73
|
|
|
|
8
|
to
|
55
|
|
Other
|
|
5
|
to
|
84
|
|
|
|
7
|
to
|
84
|
|
|
|
5
|
to
|
50
|
|
|
|
December 31
|
||||||
|
|
2019
|
|
2018
|
||||
Evergy
|
|
(millions)
|
||||||
Cash surrender value of policies
|
|
$
|
1,370.0
|
|
|
$
|
1,441.7
|
|
Borrowings against policies
|
|
(1,237.1
|
)
|
|
(1,306.9
|
)
|
||
Corporate-owned life insurance, net
|
|
$
|
132.9
|
|
|
$
|
134.8
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Evergy
|
(millions)
|
||||||||||
Non-service cost component of net benefit cost
|
$
|
(55.6
|
)
|
|
$
|
(47.8
|
)
|
|
$
|
(20.0
|
)
|
Other
|
(21.3
|
)
|
|
(30.9
|
)
|
|
(19.1
|
)
|
|||
Other expense
|
$
|
(76.9
|
)
|
|
$
|
(78.7
|
)
|
|
$
|
(39.1
|
)
|
Evergy Kansas Central
|
|
|
|
|
|
||||||
Non-service cost component of net benefit cost
|
$
|
(20.1
|
)
|
|
$
|
(23.5
|
)
|
|
$
|
(20.0
|
)
|
Other
|
(20.0
|
)
|
|
(23.3
|
)
|
|
(19.1
|
)
|
|||
Other expense
|
$
|
(40.1
|
)
|
|
$
|
(46.8
|
)
|
|
$
|
(39.1
|
)
|
Evergy Metro(a)
|
|
|
|
|
|
||||||
Non-service cost component of net benefit cost
|
$
|
(20.9
|
)
|
|
$
|
(25.9
|
)
|
|
$
|
(42.7
|
)
|
Other
|
(0.5
|
)
|
|
(5.0
|
)
|
|
(8.1
|
)
|
|||
Other expense
|
$
|
(21.4
|
)
|
|
$
|
(30.9
|
)
|
|
$
|
(50.8
|
)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Income
|
(millions, except per share amounts)
|
||||||||||
Net income
|
$
|
685.6
|
|
|
$
|
546.0
|
|
|
$
|
336.5
|
|
Less: Net income attributable to noncontrolling interests
|
15.7
|
|
|
10.2
|
|
|
12.6
|
|
|||
Net income attributable to Evergy, Inc.
|
$
|
669.9
|
|
|
$
|
535.8
|
|
|
$
|
323.9
|
|
Common Shares Outstanding
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding - basic
|
239.5
|
|
|
213.9
|
|
|
142.5
|
|
|||
Add: effect of dilutive securities
|
0.4
|
|
|
0.2
|
|
|
0.1
|
|
|||
Diluted average number of common shares outstanding
|
239.9
|
|
|
214.1
|
|
|
142.6
|
|
|||
Basic EPS
|
$
|
2.80
|
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
Diluted EPS
|
$
|
2.79
|
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
Year Ended December 31
|
|
2019
|
|
2018
|
|
2017
|
||||||
Evergy
|
|
(millions)
|
||||||||||
Cash paid for (received from):
|
|
|
|
|
|
|
||||||
Interest on financing activities, net of amount capitalized
|
|
$
|
329.5
|
|
|
$
|
255.9
|
|
|
$
|
153.9
|
|
Interest on financing activities of VIEs
|
|
1.6
|
|
|
2.3
|
|
|
3.1
|
|
|||
Income taxes, net of refunds
|
|
(5.2
|
)
|
|
(0.9
|
)
|
|
(12.7
|
)
|
|||
Non-cash investing transactions:
|
|
|
|
|
|
|
||||||
Property, plant and equipment additions (reductions)
|
|
186.0
|
|
|
(7.8
|
)
|
|
158.8
|
|
|||
Deconsolidation of property, plant and equipment of VIE
|
|
—
|
|
|
—
|
|
|
(72.9
|
)
|
|||
Non-cash financing transactions:
|
|
|
|
|
|
|
||||||
Issuance of stock for compensation and reinvested dividends
|
|
(0.3
|
)
|
|
0.5
|
|
|
5.1
|
|
|||
Deconsolidation of VIE
|
|
—
|
|
|
—
|
|
|
(83.1
|
)
|
Year Ended December 31
|
|
2019
|
|
2018
|
|
2017
|
||||||
Evergy Kansas Central
|
|
(millions)
|
||||||||||
Cash paid for (received from):
|
|
|
|
|
|
|
||||||
Interest on financing activities, net of amount capitalized
|
|
$
|
143.0
|
|
|
$
|
155.3
|
|
|
$
|
153.9
|
|
Interest on financing activities of VIEs
|
|
1.6
|
|
|
2.3
|
|
|
3.1
|
|
|||
Income taxes, net of refunds
|
|
29.9
|
|
|
37.5
|
|
|
(12.7
|
)
|
|||
Non-cash investing transactions:
|
|
|
|
|
|
|
||||||
Property, plant and equipment additions (reductions)
|
|
92.1
|
|
|
(32.5
|
)
|
|
158.8
|
|
|||
Deconsolidation of property, plant and equipment of VIE
|
|
—
|
|
|
—
|
|
|
(72.9
|
)
|
|||
Non-cash financing transactions:
|
|
|
|
|
|
|
||||||
Issuance of stock for compensation and reinvested dividends
|
|
—
|
|
|
—
|
|
|
5.1
|
|
|||
Deconsolidation of VIE
|
|
—
|
|
|
—
|
|
|
(83.1
|
)
|
Year Ended December 31
|
|
2019
|
|
2018
|
|
2017
|
||||||
Evergy Metro(a)
|
|
(millions)
|
||||||||||
Cash paid for (received from):
|
|
|
|
|
|
|
||||||
Interest on financing activities, net of amount capitalized
|
|
$
|
118.4
|
|
|
$
|
129.4
|
|
|
$
|
128.0
|
|
Income taxes, net of refunds
|
|
77.0
|
|
|
31.2
|
|
|
38.8
|
|
|||
Non-cash investing transactions:
|
|
|
|
|
|
|
||||||
Property, plant and equipment additions
|
|
80.7
|
|
|
19.2
|
|
|
36.6
|
|
•
|
Provide a total of $30.6 million of one-time bill credits to Kansas electric retail customers as soon as practicable following the close of the merger and the completion of Evergy Kansas Central's and Evergy Metro's current rate cases in Kansas. Of this total, $23.1 million of the credits relate to Evergy Kansas Central's customers and the remaining $7.5 million of credits relate to Evergy Metro's Kansas customers.
|
•
|
Provide a total of approximately $46 million in additional bill credits consisting of $11.5 million in annual bill credits to Kansas electric retail customers from 2019 through 2022. Of the annual amount, $8.7 million of the credits relate to Evergy Kansas Central's customers and the remaining $2.8 million of credits relate to Evergy Metro's Kansas customers.
|
•
|
Provide for the inclusion of a total of $30.0 million of merger-related savings in Evergy Kansas Central's and Evergy Metro's current rate cases in Kansas. Of this total, $22.5 million of the savings are attributable to Evergy Kansas Central with the remaining $7.5 million of savings attributable to Evergy Metro's Kansas jurisdiction.
|
•
|
A five-year base rate moratorium for Evergy Kansas Central and Evergy Metro in Kansas that commenced following the conclusion of Evergy Metro's Kansas rate case in December 2018. The moratorium is subject to certain conditions and does not include Evergy Kansas Central's or Evergy Metro's fuel recovery mechanisms and certain other cost recovery mechanisms in Kansas.
|
•
|
Require both Evergy Kansas Central and Evergy Metro to file rate cases in Kansas in a fashion that would allow for updated electric utility rates to become effective upon the end of the five-year rate moratorium in December 2023.
|
•
|
Participate in an Earnings Review and Sharing Plan for the years 2019 through 2022, which may result in Evergy Kansas Central and/or Evergy Metro being subject to refunding 50% of earned return on equity in excess of authorized return on equity to their Kansas customers.
|
•
|
Maintain charitable contributions and community involvement in the Kansas service territories of Evergy Kansas Central and Evergy Metro at levels equal to or greater than their respective 2015 levels for 5 years following the closing of the merger.
|
•
|
Commit that Evergy Kansas Central's and Evergy Metro's retail electric base rates will not increase as a result of the merger.
|
•
|
Allow Evergy Kansas Central and Evergy Metro to recover a total of $30.9 million of merger transition costs consisting of $23.2 million for Evergy Kansas Central and $7.7 million for Evergy Metro's Kansas jurisdiction. Evergy Kansas Central and Evergy Metro have recorded these amounts as regulatory assets and they are being recovered over a ten-year period.
|
•
|
Provide a total of $29.1 million of one-time bill credits to Missouri electric retail customers within 120 days following the close of the merger. Of this total, $14.9 million of the credits relate to Evergy Metro's Missouri customers and the remaining $14.2 million of credits relate to Evergy Missouri West's customers.
|
•
|
Commit that Evergy Metro's and Evergy Missouri West's retail electric base rates will not increase as a result of the merger.
|
•
|
Maintain charitable contributions and community involvement in the Missouri service territories of Evergy Metro and Evergy Missouri West at levels equal to or greater than their respective 2015 levels for 5 years following the closing of the merger.
|
•
|
Provide a total of $3.0 million of support over 10 years to community agencies to promote low-income weatherization efforts.
|
•
|
Support the recovery of a total of $16.9 million of merger transition costs in Evergy Metro's and Evergy Missouri West's 2018 rate cases, consisting of $9.7 million for Evergy Metro's Missouri jurisdiction and $7.2 million for Evergy Missouri West. Evergy Metro and Evergy Missouri West recorded these amounts as regulatory assets and they are being recovered over a ten-year period.
|
Description
|
Income Statement Line Item
|
Expected Payment Period
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
|
|
(millions)
|
||||||||||
One-time bill credits
|
Operating revenues
|
2018 - 2019
|
|
$
|
(59.7
|
)
|
|
$
|
(23.1
|
)
|
|
$
|
(22.4
|
)
|
Annual bill credits
|
Operating revenues
|
2019 - 2022
|
|
(10.5
|
)
|
|
(7.9
|
)
|
|
(2.6
|
)
|
|||
Total impact to operating revenues
|
|
|
|
$
|
(70.2
|
)
|
|
$
|
(31.0
|
)
|
|
$
|
(25.0
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Charitable contributions and community support
|
Operating and maintenance
|
2018 - 2027
|
|
$
|
24.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Voluntary severance and accelerated equity compensation
|
Operating and maintenance
|
2018 - 2019
|
|
47.9
|
|
|
44.2
|
|
|
2.6
|
|
|||
Other transaction and transition costs
|
Operating and maintenance
|
2018
|
|
51.0
|
|
|
21.5
|
|
|
2.1
|
|
|||
Reallocation and deferral of merger transition costs
|
Operating and maintenance
|
n/a
|
|
(47.8
|
)
|
|
(13.8
|
)
|
|
(23.2
|
)
|
|||
Total impact to operating and maintenance expense
|
|
|
|
$
|
75.8
|
|
|
$
|
51.9
|
|
|
$
|
(18.5
|
)
|
Total
|
|
|
|
$
|
(146.0
|
)
|
|
$
|
(82.9
|
)
|
|
$
|
(6.5
|
)
|
|
|
(millions, except share amounts)
|
||
Great Plains Energy common stock shares outstanding as of June 4, 2018
|
|
215,800,074
|
|
|
Great Plains Energy restricted stock awards outstanding as of June 4, 2018
|
|
(204,825
|
)
|
|
Great Plains Energy shares to be converted to Evergy shares
|
|
215,595,249
|
|
|
Exchange ratio
|
|
0.5981
|
|
|
Evergy common stock shares issued to Great Plains Energy shareholders
|
|
128,947,518
|
|
|
Closing price of Evergy Kansas Central common stock as of June 4, 2018
|
|
$
|
54.00
|
|
Fair value of Evergy shares issued to Great Plains Energy shareholders
|
|
$
|
6,963.2
|
|
Fair value of Great Plains Energy's equity compensation awards
|
|
12.5
|
|
|
Total purchase price
|
|
$
|
6,975.7
|
|
|
|
2018
|
|
2017
|
||||
|
(millions, except per share amounts)
|
|||||||
Operating revenues
|
|
$
|
5,334.6
|
|
|
$
|
5,279.2
|
|
Net income attributable to Evergy, Inc.
|
|
714.3
|
|
|
468.9
|
|
||
Basic earnings per common share
|
|
$
|
2.67
|
|
|
$
|
1.73
|
|
Diluted earnings per common share
|
|
$
|
2.67
|
|
|
$
|
1.73
|
|
•
|
$74.7 million and $14.8 million in 2018 and 2017, respectively, of certain after-tax merger-related transition and transaction costs;
|
•
|
$44.4 million in 2018 of after-tax reductions in operating revenues related to one-time customer bill credits;
|
•
|
$278.0 million of after-tax financing charges in 2017 related to Great Plains Energy's previously contemplated acquisition of Evergy Kansas Central; and
|
•
|
$36.6 million and $7.3 million in 2018 and 2017, respectively, of after-tax mark-to-market gains on interest rate swaps for which cash settlement was contingent upon the consummation of the merger.
|
Evergy
|
2019
|
|
2018
|
||||
Revenues
|
(millions)
|
||||||
Residential
|
$
|
1,908.1
|
|
|
$
|
1,578.8
|
|
Commercial
|
1,781.6
|
|
|
1,356.4
|
|
||
Industrial
|
621.6
|
|
|
527.8
|
|
||
Other retail
|
47.1
|
|
|
30.6
|
|
||
Total electric retail
|
$
|
4,358.4
|
|
|
$
|
3,493.6
|
|
Wholesale
|
327.5
|
|
|
404.4
|
|
||
Transmission
|
309.2
|
|
|
308.1
|
|
||
Industrial steam and other
|
24.5
|
|
|
17.9
|
|
||
Total revenue from contracts with customers
|
$
|
5,019.6
|
|
|
$
|
4,224.0
|
|
Other
|
128.2
|
|
|
51.9
|
|
||
Operating revenues
|
$
|
5,147.8
|
|
|
$
|
4,275.9
|
|
Evergy Kansas Central
|
2019
|
|
2018
|
||||
Revenues
|
(millions)
|
||||||
Residential
|
$
|
793.9
|
|
|
$
|
846.4
|
|
Commercial
|
709.1
|
|
|
702.8
|
|
||
Industrial
|
401.3
|
|
|
396.4
|
|
||
Other retail
|
21.0
|
|
|
20.0
|
|
||
Total electric retail
|
$
|
1,925.3
|
|
|
$
|
1,965.6
|
|
Wholesale
|
239.9
|
|
|
346.1
|
|
||
Transmission
|
273.3
|
|
|
288.9
|
|
||
Other
|
5.8
|
|
|
6.0
|
|
||
Total revenue from contracts with customers
|
$
|
2,444.3
|
|
|
$
|
2,606.6
|
|
Other
|
63.1
|
|
|
8.3
|
|
||
Operating revenues
|
$
|
2,507.4
|
|
|
$
|
2,614.9
|
|
Evergy Metro(a)
|
2019
|
|
2018
|
||||
Revenues
|
(millions)
|
||||||
Residential
|
$
|
712.4
|
|
|
$
|
735.6
|
|
Commercial
|
786.1
|
|
|
794.8
|
|
||
Industrial
|
136.9
|
|
|
138.8
|
|
||
Other retail
|
16.3
|
|
|
10.4
|
|
||
Total electric retail
|
$
|
1,651.7
|
|
|
$
|
1,679.6
|
|
Wholesale
|
70.9
|
|
|
53.5
|
|
||
Transmission
|
17.5
|
|
|
14.5
|
|
||
Other
|
2.8
|
|
|
4.4
|
|
||
Total revenue from contracts with customers
|
$
|
1,742.9
|
|
|
$
|
1,752.0
|
|
Other
|
63.6
|
|
|
71.1
|
|
||
Operating revenues
|
$
|
1,806.5
|
|
|
$
|
1,823.1
|
|
|
December 31
|
|||||||||
|
|
2019
|
|
|
2018
|
|
||||
Evergy
|
|
(millions)
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
7.2
|
|
|
|
$
|
16.7
|
|
|
Customer accounts receivable - unbilled
|
|
104.0
|
|
|
|
91.2
|
|
|
||
Other receivables
|
|
127.8
|
|
|
|
95.0
|
|
|
||
Allowance for doubtful accounts
|
|
(10.5
|
)
|
|
|
(9.2
|
)
|
|
||
Total
|
|
$
|
228.5
|
|
|
|
$
|
193.7
|
|
|
Evergy Kansas Central
|
|
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Customer accounts receivable - unbilled
|
|
49.7
|
|
|
|
16.6
|
|
|
||
Other receivables
|
|
94.5
|
|
|
|
71.6
|
|
|
||
Allowance for doubtful accounts
|
|
(3.8
|
)
|
|
|
(3.9
|
)
|
|
||
Total
|
|
$
|
140.4
|
|
|
|
$
|
84.3
|
|
|
Evergy Metro
|
|
|
|
|
|
|
|
|
||
Customer accounts receivable - billed
|
|
$
|
3.1
|
|
|
|
$
|
7.8
|
|
|
Customer accounts receivable - unbilled
|
|
26.5
|
|
|
|
42.9
|
|
|
||
Other receivables
|
|
23.1
|
|
|
|
15.8
|
|
|
||
Allowance for doubtful accounts
|
|
(4.6
|
)
|
|
|
(3.8
|
)
|
|
||
Total
|
|
$
|
48.1
|
|
|
|
$
|
62.7
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(millions)
|
||||||||||
Evergy
|
$
|
27.3
|
|
|
$
|
20.2
|
|
|
$
|
10.3
|
|
Evergy Kansas Central
|
7.3
|
|
|
8.5
|
|
|
10.3
|
|
|||
Evergy Metro (a)
|
13.7
|
|
|
13.1
|
|
|
7.6
|
|
•
|
$6.8 million increase effective in January 2020;
|
•
|
$11.2 million decrease effective in January 2019; and
|
•
|
$2.3 million increase effective in January 2018.
|
•
|
$1.7 million decrease effective in January 2020;
|
•
|
$2.8 million decrease effective in January 2019; and
|
•
|
$3.7 million increase effective in January 2018.
|
|
|
December 31
|
||||||||||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||||||||||
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Regulatory Assets
|
|
(millions)
|
||||||||||||||||||||||
Pension and post-retirement costs
|
|
$
|
795.9
|
|
|
$
|
359.9
|
|
|
$
|
330.7
|
|
|
$
|
808.2
|
|
|
$
|
343.7
|
|
|
$
|
361.5
|
|
Debt reacquisition costs
|
|
105.8
|
|
|
97.3
|
|
|
7.5
|
|
|
113.5
|
|
|
104.1
|
|
|
8.2
|
|
||||||
Debt fair value adjustment
|
|
112.0
|
|
|
—
|
|
|
—
|
|
|
134.5
|
|
|
—
|
|
|
—
|
|
||||||
Asset retirement obligations fair value
adjustment |
|
114.3
|
|
|
—
|
|
|
—
|
|
|
111.4
|
|
|
—
|
|
|
—
|
|
||||||
Depreciation
|
|
55.3
|
|
|
55.3
|
|
|
—
|
|
|
58.0
|
|
|
58.0
|
|
|
—
|
|
||||||
Cost of removal
|
|
129.3
|
|
|
94.4
|
|
|
34.9
|
|
|
102.4
|
|
|
65.7
|
|
|
36.7
|
|
||||||
Asset retirement obligations
|
|
167.1
|
|
|
52.8
|
|
|
79.4
|
|
|
171.9
|
|
|
49.5
|
|
|
91.6
|
|
||||||
Analog meter unrecovered investment
|
|
29.9
|
|
|
29.9
|
|
|
—
|
|
|
35.6
|
|
|
35.6
|
|
|
—
|
|
||||||
Treasury yield hedges
|
|
22.6
|
|
|
22.6
|
|
|
—
|
|
|
23.7
|
|
|
23.7
|
|
|
—
|
|
||||||
Iatan No. 1 and common facilities
|
|
7.1
|
|
|
—
|
|
|
2.8
|
|
|
7.4
|
|
|
—
|
|
|
2.9
|
|
||||||
Iatan No. 2 construction accounting costs
|
|
26.1
|
|
|
—
|
|
|
13.1
|
|
|
26.8
|
|
|
—
|
|
|
13.5
|
|
||||||
Kansas property tax surcharge
|
|
21.7
|
|
|
18.7
|
|
|
3.0
|
|
|
33.1
|
|
|
23.7
|
|
|
9.4
|
|
||||||
Disallowed plant costs
|
|
14.8
|
|
|
14.8
|
|
|
—
|
|
|
15.0
|
|
|
15.0
|
|
|
—
|
|
||||||
La Cygne environmental costs
|
|
13.7
|
|
|
11.2
|
|
|
2.5
|
|
|
14.8
|
|
|
12.2
|
|
|
2.6
|
|
||||||
Deferred customer programs
|
|
18.0
|
|
|
6.2
|
|
|
8.3
|
|
|
19.9
|
|
|
7.0
|
|
|
8.0
|
|
||||||
Fuel recovery mechanisms
|
|
34.7
|
|
|
—
|
|
|
16.6
|
|
|
91.2
|
|
|
7.1
|
|
|
41.7
|
|
||||||
Solar rebates
|
|
39.8
|
|
|
—
|
|
|
9.0
|
|
|
45.2
|
|
|
—
|
|
|
13.9
|
|
||||||
Transmission delivery charge
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
0.8
|
|
||||||
Wolf Creek outage
|
|
31.0
|
|
|
15.5
|
|
|
15.5
|
|
|
21.8
|
|
|
10.9
|
|
|
10.9
|
|
||||||
Pension and other post-retirement benefit
non-service costs |
|
31.8
|
|
|
7.4
|
|
|
15.6
|
|
|
13.6
|
|
|
5.2
|
|
|
4.8
|
|
||||||
Retired generation facilities
|
|
130.5
|
|
|
—
|
|
|
—
|
|
|
159.9
|
|
|
—
|
|
|
—
|
|
||||||
Merger transition costs
|
|
42.3
|
|
|
20.3
|
|
|
15.6
|
|
|
47.0
|
|
|
22.6
|
|
|
17.3
|
|
||||||
Other regulatory assets
|
|
28.5
|
|
|
17.4
|
|
|
5.3
|
|
|
6.1
|
|
|
13.5
|
|
|
2.3
|
|
||||||
Total
|
|
1,972.2
|
|
|
823.7
|
|
|
559.8
|
|
|
2,061.8
|
|
|
797.5
|
|
|
626.1
|
|
||||||
Less: current portion
|
|
(231.7
|
)
|
|
(93.3
|
)
|
|
(95.4
|
)
|
|
(303.9
|
)
|
|
(97.1
|
)
|
|
(130.9
|
)
|
||||||
Total noncurrent regulatory assets
|
|
$
|
1,740.5
|
|
|
$
|
730.4
|
|
|
$
|
464.4
|
|
|
$
|
1,757.9
|
|
|
$
|
700.4
|
|
|
$
|
495.2
|
|
|
|
December 31
|
||||||||||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||||||||||
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Regulatory Liabilities
|
|
(millions)
|
||||||||||||||||||||||
Taxes refundable through future rates
|
|
$
|
1,656.5
|
|
|
$
|
856.4
|
|
|
$
|
568.9
|
|
|
$
|
1,703.6
|
|
|
$
|
853.2
|
|
|
$
|
609.2
|
|
Deferred regulatory gain from sale
leaseback |
|
53.6
|
|
|
53.6
|
|
|
—
|
|
|
59.1
|
|
|
59.1
|
|
|
—
|
|
||||||
Emission allowances
|
|
50.1
|
|
|
—
|
|
|
50.1
|
|
|
54.1
|
|
|
—
|
|
|
54.1
|
|
||||||
Nuclear decommissioning
|
|
267.3
|
|
|
116.5
|
|
|
150.8
|
|
|
188.2
|
|
|
84.5
|
|
|
103.7
|
|
||||||
Pension and post-retirement costs
|
|
59.3
|
|
|
31.5
|
|
|
20.3
|
|
|
53.4
|
|
|
28.3
|
|
|
25.1
|
|
||||||
Jurisdictional allowance for funds used
during construction |
|
28.7
|
|
|
28.7
|
|
|
—
|
|
|
30.3
|
|
|
30.3
|
|
|
—
|
|
||||||
La Cygne leasehold dismantling costs
|
|
29.6
|
|
|
29.6
|
|
|
—
|
|
|
29.5
|
|
|
29.5
|
|
|
—
|
|
||||||
Cost of removal
|
|
49.1
|
|
|
—
|
|
|
—
|
|
|
48.1
|
|
|
—
|
|
|
—
|
|
||||||
Kansas tax credits
|
|
17.0
|
|
|
17.0
|
|
|
—
|
|
|
16.5
|
|
|
16.5
|
|
|
—
|
|
||||||
Purchase power agreement
|
|
7.4
|
|
|
7.4
|
|
|
—
|
|
|
8.8
|
|
|
8.8
|
|
|
—
|
|
||||||
Merger customer credits
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.5
|
|
|
—
|
|
|
7.5
|
|
||||||
Fuel recovery mechanisms
|
|
34.1
|
|
|
30.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sibley AAO
|
|
10.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Refund of tax reform benefits
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70.9
|
|
|
7.2
|
|
|
36.3
|
|
||||||
Other regulatory liabilities
|
|
48.7
|
|
|
3.9
|
|
|
13.5
|
|
|
59.0
|
|
|
3.9
|
|
|
11.2
|
|
||||||
Total
|
|
2,311.6
|
|
|
1,174.8
|
|
|
803.6
|
|
|
2,329.0
|
|
|
1,121.3
|
|
|
847.1
|
|
||||||
Less: current portion
|
|
(63.3
|
)
|
|
(42.3
|
)
|
|
(11.4
|
)
|
|
(110.2
|
)
|
|
(19.5
|
)
|
|
(52.8
|
)
|
||||||
Total noncurrent regulatory liabilities
|
|
$
|
2,248.3
|
|
|
$
|
1,132.5
|
|
|
$
|
792.2
|
|
|
$
|
2,218.8
|
|
|
$
|
1,101.8
|
|
|
$
|
794.3
|
|
|
|
Evergy
|
|
|
Evergy Kansas Central
|
|
|
Evergy Metro(a)
|
|
|||||||||||||||||||||
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||||||||||
Beginning balance
|
|
$
|
687.1
|
|
|
|
$
|
405.1
|
|
|
|
$
|
281.1
|
|
|
|
$
|
405.1
|
|
|
|
$
|
261.0
|
|
|
|
$
|
266.3
|
|
|
Liabilities assumed upon merger with Great Plains Energy
|
|
—
|
|
|
|
412.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
||||||
Liabilities incurred during the year
|
|
—
|
|
|
|
7.4
|
|
|
|
—
|
|
|
|
7.4
|
|
|
|
—
|
|
|
|
—
|
|
|
||||||
Revision in timing and/or estimates
|
|
(22.3
|
)
|
|
|
(150.1
|
)
|
|
|
(12.4
|
)
|
|
|
(138.7
|
)
|
|
|
(9.9
|
)
|
|
|
(11.4
|
)
|
|
||||||
Settlements
|
|
(17.8
|
)
|
|
|
(22.4
|
)
|
|
|
(14.8
|
)
|
|
|
(12.0
|
)
|
|
|
(2.5
|
)
|
|
|
(13.1
|
)
|
|
||||||
Accretion
|
|
27.1
|
|
|
|
34.9
|
|
|
|
19.0
|
|
|
|
19.3
|
|
|
|
5.0
|
|
|
|
19.2
|
|
|
||||||
Ending balance
|
|
$
|
674.1
|
|
|
|
$
|
687.1
|
|
|
|
$
|
272.9
|
|
|
|
$
|
281.1
|
|
|
|
$
|
253.6
|
|
|
|
$
|
261.0
|
|
|
Less: current portion
|
|
(71.3
|
)
|
|
|
(49.8
|
)
|
|
|
(23.3
|
)
|
|
|
(17.1
|
)
|
|
|
(36.1
|
)
|
|
|
(29.2
|
)
|
|
||||||
Total noncurrent asset retirement obligation
|
|
$
|
602.8
|
|
|
|
$
|
637.3
|
|
|
|
$
|
249.6
|
|
|
|
$
|
264.0
|
|
|
|
$
|
217.5
|
|
|
|
$
|
231.8
|
|
|
December 31, 2019
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
|
|
|
(millions)
|
|
||||||||||||||
Electric plant in service
|
|
|
$
|
27,768.8
|
|
|
|
|
$
|
13,538.1
|
|
|
|
|
$
|
10,776.5
|
|
|
Electric plant acquisition adjustment
|
|
|
740.6
|
|
|
|
|
740.6
|
|
|
|
|
—
|
|
|
|||
Accumulated depreciation
|
|
|
(10,293.7
|
)
|
|
|
|
(4,951.5
|
)
|
|
|
|
(4,272.0
|
)
|
|
|||
Plant in service
|
|
|
18,215.7
|
|
|
|
|
9,327.2
|
|
|
|
|
6,504.5
|
|
|
|||
Construction work in progress
|
|
|
839.2
|
|
|
|
|
472.8
|
|
|
|
|
269.9
|
|
|
|||
Nuclear fuel, net
|
|
|
128.5
|
|
|
|
|
63.9
|
|
|
|
|
64.6
|
|
|
|||
Plant to be retired, net (a)
|
|
|
1.0
|
|
|
|
|
1.0
|
|
|
|
|
—
|
|
|
|||
Net property, plant and equipment
|
|
|
$
|
19,184.4
|
|
|
|
|
$
|
9,864.9
|
|
|
|
|
$
|
6,839.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 31, 2018
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
|
|
|
(millions)
|
|
||||||||||||||
Electric plant in service
|
|
|
$
|
26,916.7
|
|
|
|
|
$
|
13,176.7
|
|
|
|
|
$
|
10,439.1
|
|
|
Electric plant acquisition adjustment
|
|
|
740.6
|
|
|
|
|
740.6
|
|
|
|
|
—
|
|
|
|||
Accumulated depreciation
|
|
|
(9,694.1
|
)
|
|
|
|
(4,642.8
|
)
|
|
|
|
(4,022.4
|
)
|
|
|||
Plant in service
|
|
|
17,963.2
|
|
|
|
|
9,274.5
|
|
|
|
|
6,416.7
|
|
|
|||
Construction work in progress
|
|
|
685.2
|
|
|
|
|
376.7
|
|
|
|
|
204.4
|
|
|
|||
Nuclear fuel, net
|
|
|
133.1
|
|
|
|
|
66.1
|
|
|
|
|
67.0
|
|
|
|||
Plant to be retired, net (a)
|
|
|
1.0
|
|
|
|
|
1.0
|
|
|
|
|
—
|
|
|
|||
Net property, plant and equipment
|
|
|
$
|
18,782.5
|
|
|
|
|
$
|
9,718.3
|
|
|
|
|
$
|
6,688.1
|
|
|
|
|
|
December 31
|
|
||||||||
|
|
2019
|
|
2018
|
||||||||
|
|
|
(millions)
|
|
||||||||
Electric plant of VIEs
|
|
|
$
|
392.1
|
|
|
|
|
$
|
392.1
|
|
|
Accumulated depreciation of VIEs
|
|
|
(230.1
|
)
|
|
|
|
(222.9
|
)
|
|
||
Net property, plant and equipment of VIEs
|
|
|
$
|
162.0
|
|
|
|
|
$
|
169.2
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(millions)
|
|||||||||||
Evergy (a)
|
|
$
|
786.3
|
|
|
$
|
567.9
|
|
|
$
|
350.0
|
|
Evergy Kansas Central (a)
|
|
425.8
|
|
|
371.3
|
|
|
350.0
|
|
|||
Evergy Metro (b)
|
|
262.7
|
|
|
235.3
|
|
|
228.4
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units (a)
|
|
Iatan No. 1 Unit
|
|
Iatan No. 2 Unit
|
|
Iatan Common
|
|
Jeffrey Energy Center
|
|
State Line
|
||||||||||||||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||||||||||||||||||||
Evergy's share
|
|
|
94%
|
|
|
|
100%
|
|
|
|
88%
|
|
|
|
73%
|
|
|
|
79%
|
|
|
|
100%
|
|
|
|
40%
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Utility plant in service
|
|
|
$
|
3,827.8
|
|
|
|
|
$
|
2,202.4
|
|
|
|
|
$
|
718.9
|
|
|
|
|
$
|
1,379.7
|
|
|
|
|
$
|
484.3
|
|
|
|
|
$
|
2,428.6
|
|
|
|
|
$
|
114.6
|
|
|
Accumulated depreciation
|
|
|
1,835.3
|
|
|
|
|
751.6
|
|
|
|
|
269.2
|
|
|
|
|
447.2
|
|
|
|
|
116.4
|
|
|
|
|
918.1
|
|
|
|
|
75.9
|
|
|
|||||||
Nuclear fuel, net
|
|
|
128.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||||
Construction work in progress
|
|
|
141.4
|
|
|
|
|
21.0
|
|
|
|
|
54.4
|
|
|
|
|
23.5
|
|
|
|
|
9.4
|
|
|
|
|
38.9
|
|
|
|
|
2.8
|
|
|
|||||||
2020 accredited capacity-MWs
|
|
|
1,104
|
|
|
|
|
1,398
|
|
|
|
|
616
|
|
|
|
|
650
|
|
|
|
|
NA
|
|
|
|
|
2,186
|
|
|
|
|
196
|
|
|
(a)
|
The VIE consolidated by Evergy and Evergy Kansas Central holds its 50% leasehold interest in La Cygne Unit 2. This 50% leasehold interest in La Cygne Unit 2 is reflected in the information provided above. See Note 19 for additional information.
|
Evergy Kansas Central
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units (a)
|
|
|
Jeffrey Energy Center
|
State
Line
|
||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||
Evergy Kansas Central's share
|
|
|
47%
|
|
|
|
50%
|
|
|
|
92%
|
|
|
|
40%
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Utility plant in service
|
|
|
$
|
1,884.5
|
|
|
|
|
$
|
1,048.0
|
|
|
|
|
$
|
2,223.4
|
|
|
|
|
$
|
114.6
|
|
|
Accumulated depreciation
|
|
|
862.2
|
|
|
|
|
426.5
|
|
|
|
|
832.5
|
|
|
|
|
75.9
|
|
|
||||
Nuclear fuel, net
|
|
|
63.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Construction work in progress
|
|
|
67.3
|
|
|
|
|
14.6
|
|
|
|
|
34.9
|
|
|
|
|
2.8
|
|
|
||||
2020 accredited capacity-MWs
|
|
|
552
|
|
|
|
|
699
|
|
|
|
|
2,011
|
|
|
|
|
196
|
|
|
(a)
|
The VIE consolidated by Evergy and Evergy Kansas Central holds its 50% leasehold interest in La Cygne Unit 2. This 50% leasehold interest in La Cygne Unit 2 is reflected in the information provided above. See Note 19 for additional information.
|
Evergy Metro
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units
|
|
Iatan No. 1 Unit
|
|
Iatan No. 2 Unit
|
|
Iatan Common
|
||||||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||||||||
Evergy Metro's share
|
|
|
47%
|
|
|
|
50%
|
|
|
|
70%
|
|
|
|
55%
|
|
|
|
61%
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Utility plant in service
|
|
|
$
|
1,943.3
|
|
|
|
|
$
|
1,154.4
|
|
|
|
|
$
|
575.1
|
|
|
|
|
$
|
1,060.7
|
|
|
|
|
$
|
390.1
|
|
|
Accumulated depreciation
|
|
|
973.1
|
|
|
|
|
325.1
|
|
|
|
|
214.9
|
|
|
|
|
393.0
|
|
|
|
|
99.8
|
|
|
|||||
Nuclear fuel, net
|
|
|
64.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Construction work in progress
|
|
|
74.1
|
|
|
|
|
6.4
|
|
|
|
|
25.9
|
|
|
|
|
3.5
|
|
|
|
|
1.3
|
|
|
|||||
2020 accredited capacity-MWs
|
|
|
552
|
|
|
|
|
699
|
|
|
|
|
490
|
|
|
|
|
491
|
|
|
|
|
NA
|
|
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Change in projected benefit obligation (PBO)
|
|
(millions)
|
||||||||||||||||||||||
PBO at January 1, 2019
|
|
$
|
2,553.4
|
|
|
$
|
1,258.9
|
|
|
$
|
1,272.4
|
|
|
$
|
249.3
|
|
|
$
|
133.6
|
|
|
$
|
115.7
|
|
Service cost
|
|
79.1
|
|
|
29.0
|
|
|
50.1
|
|
|
2.5
|
|
|
1.1
|
|
|
1.4
|
|
||||||
Interest cost
|
|
108.0
|
|
|
53.7
|
|
|
53.3
|
|
|
10.5
|
|
|
5.6
|
|
|
4.9
|
|
||||||
Contribution by participants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.8
|
|
|
1.9
|
|
|
6.9
|
|
||||||
Actuarial loss
|
|
262.4
|
|
|
120.3
|
|
|
140.5
|
|
|
20.9
|
|
|
9.5
|
|
|
11.4
|
|
||||||
Benefits paid
|
|
(180.5
|
)
|
|
(136.9
|
)
|
|
(42.3
|
)
|
|
(27.7
|
)
|
|
(13.0
|
)
|
|
(14.7
|
)
|
||||||
Settlements
|
|
(96.6
|
)
|
|
—
|
|
|
(96.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
|
(7.6
|
)
|
|
(1.6
|
)
|
|
(6.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
PBO at December 31, 2019
|
|
$
|
2,718.2
|
|
|
$
|
1,323.4
|
|
|
$
|
1,371.4
|
|
|
$
|
264.3
|
|
|
$
|
138.7
|
|
|
$
|
125.6
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at January 1, 2019
|
|
$
|
1,603.4
|
|
|
$
|
804.6
|
|
|
$
|
798.8
|
|
|
$
|
223.3
|
|
|
$
|
109.7
|
|
|
$
|
113.6
|
|
Actual return on plan assets
|
|
284.0
|
|
|
130.5
|
|
|
153.5
|
|
|
30.0
|
|
|
20.0
|
|
|
10.0
|
|
||||||
Contributions by employer and participants
|
|
125.2
|
|
|
43.0
|
|
|
82.2
|
|
|
13.2
|
|
|
3.5
|
|
|
9.7
|
|
||||||
Benefits paid
|
|
(175.6
|
)
|
|
(134.4
|
)
|
|
(41.2
|
)
|
|
(26.6
|
)
|
|
(12.7
|
)
|
|
(13.9
|
)
|
||||||
Settlements
|
|
(96.6
|
)
|
|
—
|
|
|
(96.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
|
(7.6
|
)
|
|
(1.6
|
)
|
|
(6.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Fair value of plan assets at December 31, 2019
|
|
$
|
1,732.8
|
|
|
$
|
842.1
|
|
|
$
|
890.7
|
|
|
$
|
239.9
|
|
|
$
|
120.5
|
|
|
$
|
119.4
|
|
Funded status at December 31, 2019
|
|
$
|
(985.4
|
)
|
|
$
|
(481.3
|
)
|
|
$
|
(480.7
|
)
|
|
$
|
(24.4
|
)
|
|
$
|
(18.2
|
)
|
|
$
|
(6.2
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Amounts recognized in the consolidated balance sheets
|
|
(millions)
|
||||||||||||||||||||||
Non-current asset
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15.0
|
|
|
$
|
—
|
|
|
$
|
15.0
|
|
Current pension and other post-retirement liability
|
|
(5.6
|
)
|
|
(3.0
|
)
|
|
(1.3
|
)
|
|
(1.9
|
)
|
|
(1.0
|
)
|
|
(0.9
|
)
|
||||||
Noncurrent pension liability and other post-retirement liability
|
|
(979.8
|
)
|
|
(478.3
|
)
|
|
(479.4
|
)
|
|
(37.5
|
)
|
|
(17.2
|
)
|
|
(20.3
|
)
|
||||||
Net amount recognized before regulatory treatment
|
|
(985.4
|
)
|
|
(481.3
|
)
|
|
(480.7
|
)
|
|
(24.4
|
)
|
|
(18.2
|
)
|
|
(6.2
|
)
|
||||||
Accumulated OCI or regulatory asset/liability
|
|
454.1
|
|
|
354.9
|
|
|
192.3
|
|
|
(4.4
|
)
|
|
(2.9
|
)
|
|
(13.0
|
)
|
||||||
Net amount recognized at December 31, 2019
|
|
$
|
(531.3
|
)
|
|
$
|
(126.4
|
)
|
|
$
|
(288.4
|
)
|
|
$
|
(28.8
|
)
|
|
$
|
(21.1
|
)
|
|
$
|
(19.2
|
)
|
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial (gain) loss
|
|
$
|
439.7
|
|
|
$
|
342.3
|
|
|
$
|
189.4
|
|
|
$
|
(5.7
|
)
|
|
$
|
(4.2
|
)
|
|
$
|
(4.9
|
)
|
Prior service cost
|
|
14.4
|
|
|
12.6
|
|
|
2.9
|
|
|
1.3
|
|
|
1.3
|
|
|
(8.1
|
)
|
||||||
Net amount recognized at December 31, 2019
|
|
$
|
454.1
|
|
|
$
|
354.9
|
|
|
$
|
192.3
|
|
|
$
|
(4.4
|
)
|
|
$
|
(2.9
|
)
|
|
$
|
(13.0
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Change in projected benefit obligation (PBO)
|
|
(millions)
|
||||||||||||||||||||||
PBO at January 1, 2018
|
|
$
|
1,367.0
|
|
|
$
|
1,367.0
|
|
|
$
|
1,331.7
|
|
|
$
|
138.6
|
|
|
$
|
138.6
|
|
|
$
|
133.2
|
|
Service cost
|
|
60.7
|
|
|
32.2
|
|
|
48.6
|
|
|
2.3
|
|
|
1.3
|
|
|
2.0
|
|
||||||
Interest cost
|
|
82.5
|
|
|
50.7
|
|
|
49.9
|
|
|
8.0
|
|
|
5.0
|
|
|
4.8
|
|
||||||
Contribution by participants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.6
|
|
|
1.8
|
|
|
6.6
|
|
||||||
Plan amendments
|
|
13.4
|
|
|
11.4
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Actuarial gain
|
|
(98.8
|
)
|
|
(100.1
|
)
|
|
(89.6
|
)
|
|
(11.3
|
)
|
|
(2.6
|
)
|
|
(18.0
|
)
|
||||||
Benefits paid
|
|
(137.9
|
)
|
|
(97.9
|
)
|
|
(70.2
|
)
|
|
(17.3
|
)
|
|
(10.5
|
)
|
|
(12.9
|
)
|
||||||
Obligations assumed upon merger with Great Plains
Energy
|
|
1,275.9
|
|
|
—
|
|
|
—
|
|
|
123.4
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
|
(9.4
|
)
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
PBO at December 31, 2018
|
|
$
|
2,553.4
|
|
|
$
|
1,258.9
|
|
|
$
|
1,272.4
|
|
|
$
|
249.3
|
|
|
$
|
133.6
|
|
|
$
|
115.7
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at January 1, 2018
|
|
$
|
887.0
|
|
|
$
|
887.0
|
|
|
$
|
848.4
|
|
|
$
|
124.1
|
|
|
$
|
124.1
|
|
|
$
|
115.8
|
|
Actual return on plan assets
|
|
(79.7
|
)
|
|
(30.9
|
)
|
|
(60.1
|
)
|
|
(7.5
|
)
|
|
(7.4
|
)
|
|
(1.2
|
)
|
||||||
Contributions by employer and participants
|
|
114.5
|
|
|
47.9
|
|
|
80.3
|
|
|
11.6
|
|
|
3.2
|
|
|
11.4
|
|
||||||
Benefits paid
|
|
(134.0
|
)
|
|
(95.0
|
)
|
|
(69.8
|
)
|
|
(16.7
|
)
|
|
(10.2
|
)
|
|
(12.4
|
)
|
||||||
Assets acquired upon merger with Great Plains
Energy
|
|
825.0
|
|
|
—
|
|
|
—
|
|
|
111.8
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
|
(9.4
|
)
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Fair value of plan assets at December 31, 2018
|
|
$
|
1,603.4
|
|
|
$
|
804.6
|
|
|
$
|
798.8
|
|
|
$
|
223.3
|
|
|
$
|
109.7
|
|
|
$
|
113.6
|
|
Funded status at December 31, 2018
|
|
$
|
(950.0
|
)
|
|
$
|
(454.3
|
)
|
|
$
|
(473.6
|
)
|
|
$
|
(26.0
|
)
|
|
$
|
(23.9
|
)
|
|
$
|
(2.1
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Amounts recognized in the consolidated balance sheets
|
|
(millions)
|
||||||||||||||||||||||
Non-current asset
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17.5
|
|
|
$
|
—
|
|
|
$
|
17.5
|
|
Current pension and other post-retirement liability
|
|
(4.4
|
)
|
|
(2.6
|
)
|
|
(0.5
|
)
|
|
(1.7
|
)
|
|
(0.9
|
)
|
|
(0.8
|
)
|
||||||
Noncurrent pension liability and other post-
retirement liability
|
|
(945.6
|
)
|
|
(451.7
|
)
|
|
(473.1
|
)
|
|
(41.8
|
)
|
|
(23.0
|
)
|
|
(18.8
|
)
|
||||||
Net amount recognized before regulatory treatment
|
|
(950.0
|
)
|
|
(454.3
|
)
|
|
(473.6
|
)
|
|
(26.0
|
)
|
|
(23.9
|
)
|
|
(2.1
|
)
|
||||||
Accumulated OCI or regulatory asset/liability
|
|
419.9
|
|
|
337.5
|
|
|
230.1
|
|
|
(6.0
|
)
|
|
0.8
|
|
|
(19.1
|
)
|
||||||
Net amount recognized at December 31, 2018
|
|
$
|
(530.1
|
)
|
|
$
|
(116.8
|
)
|
|
$
|
(243.5
|
)
|
|
$
|
(32.0
|
)
|
|
$
|
(23.1
|
)
|
|
$
|
(21.2
|
)
|
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial (gain) loss
|
|
$
|
403.6
|
|
|
$
|
323.2
|
|
|
$
|
226.3
|
|
|
$
|
(7.8
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
(11.0
|
)
|
Prior service cost
|
|
16.3
|
|
|
14.3
|
|
|
3.8
|
|
|
1.8
|
|
|
1.8
|
|
|
(8.1
|
)
|
||||||
Net amount recognized at December 31, 2018
|
|
$
|
419.9
|
|
|
$
|
337.5
|
|
|
$
|
230.1
|
|
|
$
|
(6.0
|
)
|
|
$
|
0.8
|
|
|
$
|
(19.1
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Year Ended December 31, 2019
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||||||||||
Service cost
|
|
$
|
79.1
|
|
|
$
|
29.0
|
|
|
$
|
50.1
|
|
|
$
|
2.5
|
|
|
$
|
1.1
|
|
|
$
|
1.4
|
|
Interest cost
|
|
108.0
|
|
|
53.7
|
|
|
53.3
|
|
|
10.5
|
|
|
5.6
|
|
|
4.9
|
|
||||||
Expected return on plan assets
|
|
(106.3
|
)
|
|
(54.8
|
)
|
|
(48.9
|
)
|
|
(10.0
|
)
|
|
(6.7
|
)
|
|
(3.3
|
)
|
||||||
Prior service cost
|
|
1.9
|
|
|
1.7
|
|
|
0.9
|
|
|
0.5
|
|
|
0.5
|
|
|
—
|
|
||||||
Recognized net actuarial (gain) loss
|
|
33.0
|
|
|
25.5
|
|
|
49.8
|
|
|
(1.2
|
)
|
|
(0.6
|
)
|
|
(1.4
|
)
|
||||||
Settlement and special termination benefits
|
|
15.6
|
|
|
—
|
|
|
23.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
|
131.3
|
|
|
55.1
|
|
|
128.2
|
|
|
2.3
|
|
|
(0.1
|
)
|
|
1.6
|
|
||||||
Regulatory adjustment
|
|
37.4
|
|
|
3.0
|
|
|
(19.2
|
)
|
|
(3.4
|
)
|
|
(3.0
|
)
|
|
0.4
|
|
||||||
Intercompany allocations
|
|
n/a
|
|
|
—
|
|
|
(34.4
|
)
|
|
n/a
|
|
|
—
|
|
|
(0.4
|
)
|
||||||
Net periodic benefit costs
|
|
168.7
|
|
|
58.1
|
|
|
74.6
|
|
|
(1.1
|
)
|
|
(3.1
|
)
|
|
1.6
|
|
||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
|
|
|
||||||||||||||||||||||
Current year net (gain) loss
|
|
84.7
|
|
|
44.6
|
|
|
35.9
|
|
|
0.9
|
|
|
(3.8
|
)
|
|
4.7
|
|
||||||
Amortization of gain (loss)
|
|
(48.6
|
)
|
|
(25.5
|
)
|
|
(72.8
|
)
|
|
1.2
|
|
|
0.6
|
|
|
1.4
|
|
||||||
Amortization of prior service cost
|
|
(1.9
|
)
|
|
(1.7
|
)
|
|
(0.9
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
—
|
|
||||||
Total recognized in OCI or regulatory asset/liability
|
|
34.2
|
|
|
17.4
|
|
|
(37.8
|
)
|
|
1.6
|
|
|
(3.7
|
)
|
|
6.1
|
|
||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
|
|
$
|
202.9
|
|
|
$
|
75.5
|
|
|
$
|
36.8
|
|
|
$
|
0.5
|
|
|
$
|
(6.8
|
)
|
|
$
|
7.7
|
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Year Ended December 31, 2018
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||||||||||
Service cost
|
|
$
|
60.7
|
|
|
$
|
32.2
|
|
|
$
|
48.6
|
|
|
$
|
2.3
|
|
|
$
|
1.3
|
|
|
$
|
2.0
|
|
Interest cost
|
|
82.5
|
|
|
50.7
|
|
|
49.9
|
|
|
8.0
|
|
|
5.0
|
|
|
4.8
|
|
||||||
Expected return on plan assets
|
|
(86.4
|
)
|
|
(55.9
|
)
|
|
(55.5
|
)
|
|
(8.8
|
)
|
|
(7.0
|
)
|
|
(2.8
|
)
|
||||||
Prior service cost
|
|
0.7
|
|
|
0.7
|
|
|
0.7
|
|
|
0.5
|
|
|
0.5
|
|
|
0.1
|
|
||||||
Recognized net actuarial (gain) loss
|
|
32.6
|
|
|
32.6
|
|
|
45.1
|
|
|
(0.6
|
)
|
|
(0.6
|
)
|
|
(0.2
|
)
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
|
90.1
|
|
|
60.3
|
|
|
88.8
|
|
|
1.4
|
|
|
(0.8
|
)
|
|
3.9
|
|
||||||
Regulatory adjustment
|
|
8.3
|
|
|
8.8
|
|
|
0.7
|
|
|
(1.7
|
)
|
|
(2.0
|
)
|
|
(0.1
|
)
|
||||||
Intercompany allocations
|
|
n/a
|
|
|
—
|
|
|
(21.6
|
)
|
|
n/a
|
|
|
—
|
|
|
(1.1
|
)
|
||||||
Net periodic benefit costs
|
|
98.4
|
|
|
69.1
|
|
|
67.9
|
|
|
(0.3
|
)
|
|
(2.8
|
)
|
|
2.7
|
|
||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current year net (gain) loss
|
|
67.2
|
|
|
(13.2
|
)
|
|
25.9
|
|
|
4.9
|
|
|
11.7
|
|
|
(14.0
|
)
|
||||||
Amortization of gain (loss)
|
|
(32.6
|
)
|
|
(32.6
|
)
|
|
(45.1
|
)
|
|
0.6
|
|
|
0.6
|
|
|
0.2
|
|
||||||
Prior service cost
|
|
13.4
|
|
|
11.4
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
(0.1
|
)
|
||||||
Total recognized in OCI or regulatory asset/liability
|
|
47.3
|
|
|
(35.1
|
)
|
|
(17.9
|
)
|
|
5.0
|
|
|
11.8
|
|
|
(13.9
|
)
|
||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
|
|
$
|
145.7
|
|
|
$
|
34.0
|
|
|
$
|
50.0
|
|
|
$
|
4.7
|
|
|
$
|
9.0
|
|
|
$
|
(11.2
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Year Ended December 31, 2017
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||||||||||
Service cost
|
|
$
|
28.7
|
|
|
$
|
28.7
|
|
|
$
|
44.2
|
|
|
$
|
1.2
|
|
|
$
|
1.2
|
|
|
$
|
2.1
|
|
Interest cost
|
|
52.4
|
|
|
52.4
|
|
|
52.6
|
|
|
5.5
|
|
|
5.5
|
|
|
5.4
|
|
||||||
Expected return on plan assets
|
|
(53.6
|
)
|
|
(53.6
|
)
|
|
(51.2
|
)
|
|
(6.9
|
)
|
|
(6.9
|
)
|
|
(2.5
|
)
|
||||||
Prior service cost
|
|
0.7
|
|
|
0.7
|
|
|
0.7
|
|
|
0.5
|
|
|
0.5
|
|
|
—
|
|
||||||
Recognized net actuarial (gain) loss
|
|
26.9
|
|
|
26.9
|
|
|
49.0
|
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|
(0.5
|
)
|
||||||
Settlement and special termination benefits
|
|
0.4
|
|
|
0.4
|
|
|
16.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
|
55.5
|
|
|
55.5
|
|
|
111.6
|
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
4.5
|
|
||||||
Regulatory adjustment
|
|
14.5
|
|
|
14.5
|
|
|
(9.2
|
)
|
|
(1.9
|
)
|
|
(1.9
|
)
|
|
1.3
|
|
||||||
Intercompany allocations
|
|
n/a
|
|
|
—
|
|
|
(37.1
|
)
|
|
n/a
|
|
|
—
|
|
|
(1.5
|
)
|
||||||
Net periodic benefit costs
|
|
70.0
|
|
|
70.0
|
|
|
65.3
|
|
|
(2.4
|
)
|
|
(2.4
|
)
|
|
4.3
|
|
||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current year net (gain) loss
|
|
47.1
|
|
|
47.1
|
|
|
71.3
|
|
|
(5.8
|
)
|
|
(5.8
|
)
|
|
3.0
|
|
||||||
Amortization of gain (loss)
|
|
(26.9
|
)
|
|
(26.9
|
)
|
|
(64.9
|
)
|
|
0.8
|
|
|
0.8
|
|
|
0.5
|
|
||||||
Amortization of prior service cost
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
—
|
|
||||||
Total recognized in OCI or regulatory asset/liability
|
|
19.5
|
|
|
19.5
|
|
|
5.7
|
|
|
(5.5
|
)
|
|
(5.5
|
)
|
|
3.5
|
|
||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
|
|
$
|
89.5
|
|
|
$
|
89.5
|
|
|
$
|
71.0
|
|
|
$
|
(7.9
|
)
|
|
$
|
(7.9
|
)
|
|
$
|
7.8
|
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||||||
Actuarial (gain) loss amortization
|
|
$
|
45.4
|
|
|
$
|
33.9
|
|
|
$
|
45.1
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
Prior service cost amortization
|
|
1.8
|
|
|
1.6
|
|
|
0.8
|
|
|
0.5
|
|
|
0.5
|
|
|
—
|
|
December 31, 2019
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(millions)
|
||||||||||
ABO for all defined benefit pension plans
|
|
$
|
2,390.5
|
|
|
$
|
1,196.8
|
|
|
$
|
1,170.2
|
|
Pension plans with the PBO in excess of plan assets
|
|
|
|
|
|
|
||||||
Projected benefit obligation
|
|
$
|
2,718.2
|
|
|
$
|
1,323.4
|
|
|
$
|
1,371.4
|
|
Fair value of plan assets
|
|
1,732.8
|
|
|
842.1
|
|
|
890.7
|
|
|||
Pension plans with the ABO in excess of plan assets
|
|
|
|
|
|
|
||||||
Accumulated benefit obligation
|
|
$
|
2,390.5
|
|
|
$
|
1,196.8
|
|
|
$
|
1,170.2
|
|
Fair value of plan assets
|
|
1,732.8
|
|
|
842.1
|
|
|
890.7
|
|
|||
Other post-retirement benefit plans with the APBO in excess of plan assets
|
|
|
|
|
|
|
||||||
Accumulated other post-retirement benefit obligation
|
|
$
|
264.3
|
|
|
$
|
138.7
|
|
|
$
|
125.6
|
|
Fair value of plan assets
|
|
239.9
|
|
|
120.5
|
|
|
119.4
|
|
December 31, 2018
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(millions)
|
||||||||||
ABO for all defined benefit pension plans
|
|
$
|
2,257.9
|
|
|
$
|
1,139.1
|
|
|
$
|
1,096.7
|
|
Pension plans with the PBO in excess of plan assets
|
|
|
|
|
|
|
||||||
Projected benefit obligation
|
|
$
|
2,553.4
|
|
|
$
|
1,258.9
|
|
|
$
|
1,272.4
|
|
Fair value of plan assets
|
|
1,603.4
|
|
|
804.6
|
|
|
798.8
|
|
|||
Pension plans with the ABO in excess of plan assets
|
|
|
|
|
|
|
||||||
Accumulated benefit obligation
|
|
$
|
2,257.9
|
|
|
$
|
1,139.1
|
|
|
$
|
1,096.7
|
|
Fair value of plan assets
|
|
1,603.4
|
|
|
804.6
|
|
|
798.8
|
|
|||
Other post-retirement benefit plans with the APBO in excess of plan assets
|
|
|
|
|
|
|
||||||
Accumulated other post-retirement benefit obligation
|
|
$
|
249.3
|
|
|
$
|
133.6
|
|
|
$
|
57.7
|
|
Fair value of plan assets
|
|
223.3
|
|
|
109.7
|
|
|
38.2
|
|
Weighted-average assumptions used to determine the benefit obligation at December 31, 2019
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|||||||
Discount rate
|
|
3.62
|
%
|
|
3.61
|
%
|
|
3.64
|
%
|
|
3.56
|
%
|
|
3.54
|
%
|
|
3.58
|
%
|
Rate of compensation increase
|
|
3.74
|
%
|
|
3.78
|
%
|
|
3.71
|
%
|
|
3.75
|
%
|
|
n/a
|
|
3.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average assumptions used to determine the benefit obligation at December 31, 2018
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|||||||
Discount rate
|
|
4.35
|
%
|
|
4.35
|
%
|
|
4.36
|
%
|
|
4.33
|
%
|
|
4.33
|
%
|
|
4.33
|
%
|
Rate of compensation increase
|
|
3.76
|
%
|
|
4.03
|
%
|
|
3.64
|
%
|
|
3.50
|
%
|
|
n/a
|
|
3.50
|
%
|
Weighted-average assumptions used to determine net costs for the year ended December 31, 2019
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|||||||
Discount rate
|
|
4.35
|
%
|
|
4.35
|
%
|
|
4.36
|
%
|
|
4.33
|
%
|
|
4.33
|
%
|
|
4.33
|
%
|
Expected long-term return on plan assets
|
|
6.61
|
%
|
|
6.75
|
%
|
|
6.47
|
%
|
|
4.44
|
%
|
|
6.00
|
%
|
|
2.94
|
%
|
Rate of compensation increase
|
|
3.76
|
%
|
|
4.03
|
%
|
|
3.64
|
%
|
|
3.50
|
%
|
|
n/a
|
|
3.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average assumptions used to determine net costs for the year ended December 31, 2018
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|||||||
Discount rate
|
|
3.73
|
%
|
|
3.73
|
%
|
|
3.72
|
%
|
|
3.67
|
%
|
|
3.73
|
%
|
|
3.64
|
%
|
Expected long-term return on plan assets
|
|
6.52
|
%
|
|
6.67
|
%
|
|
6.46
|
%
|
|
6.00
|
%
|
|
6.00
|
%
|
|
2.80
|
%
|
Rate of compensation increase
|
|
3.92
|
%
|
|
4.00
|
%
|
|
3.62
|
%
|
|
3.50
|
%
|
|
n/a
|
|
3.50
|
%
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
2020
|
$
|
180.6
|
|
|
$
|
95.1
|
|
|
$
|
84.3
|
|
|
$
|
16.7
|
|
|
$
|
9.6
|
|
|
$
|
7.1
|
|
2021
|
182.4
|
|
|
95.6
|
|
|
85.5
|
|
|
16.7
|
|
|
9.5
|
|
|
7.2
|
|
||||||
2022
|
181.1
|
|
|
93.3
|
|
|
86.5
|
|
|
16.4
|
|
|
9.3
|
|
|
7.1
|
|
||||||
2023
|
181.8
|
|
|
91.5
|
|
|
89.0
|
|
|
16.3
|
|
|
9.2
|
|
|
7.1
|
|
||||||
2024
|
185.0
|
|
|
91.9
|
|
|
91.7
|
|
|
15.9
|
|
|
8.8
|
|
|
7.1
|
|
||||||
2025-2029
|
918.2
|
|
|
428.3
|
|
|
482.3
|
|
|
75.2
|
|
|
40.3
|
|
|
34.9
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||
Domestic equities
|
29
|
%
|
|
31
|
%
|
|
33
|
%
|
|
3
|
%
|
International equities
|
20
|
%
|
|
21
|
%
|
|
22
|
%
|
|
—
|
%
|
Bonds
|
36
|
%
|
|
35
|
%
|
|
45
|
%
|
|
85
|
%
|
Mortgage & asset backed securities
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
4
|
%
|
Real estate investments
|
4
|
%
|
|
6
|
%
|
|
—
|
%
|
|
—
|
%
|
Other investments
|
11
|
%
|
|
7
|
%
|
|
—
|
%
|
|
8
|
%
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||||||||||||||||
Description
|
December 31
2019 |
Level 1
|
|
Level 2
|
|
Level 3
|
|
Assets measured at NAV
|
|||||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||||||
Evergy Kansas Central Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
233.8
|
|
|
|
$
|
150.6
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
83.2
|
|
International equities
|
|
162.4
|
|
|
|
101.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
60.9
|
|
|||||
Bond funds
|
|
281.7
|
|
|
|
233.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
48.7
|
|
|||||
Real estate investments
|
|
46.5
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
46.5
|
|
|||||
Combination debt/equity/other fund
|
|
30.1
|
|
|
|
30.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Alternative investment funds
|
|
78.5
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
78.5
|
|
|||||
Short-term investments
|
|
9.1
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
9.1
|
|
|||||
Total
|
|
$
|
842.1
|
|
|
|
$
|
515.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
326.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Evergy Metro Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
244.8
|
|
|
|
$
|
195.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
49.5
|
|
International equities
|
|
178.7
|
|
|
|
117.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
61.0
|
|
|||||
Bond funds
|
|
71.0
|
|
|
|
15.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
55.4
|
|
|||||
Corporate bonds
|
|
123.9
|
|
|
|
—
|
|
|
|
|
123.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
U.S. Treasury and agency bonds
|
|
70.9
|
|
|
|
53.5
|
|
|
|
|
17.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Mortgage and asset backed securities
|
|
5.7
|
|
|
|
—
|
|
|
|
|
5.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Real estate investments
|
|
50.8
|
|
|
|
12.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
38.0
|
|
|||||
Combination debt/equity/other fund
|
|
11.9
|
|
|
|
11.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Alternative investment funds
|
|
36.6
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
36.6
|
|
|||||
Cash and cash equivalents
|
|
92.9
|
|
|
|
92.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Short-term investments
|
|
1.0
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.0
|
|
|||||
Other
|
|
2.5
|
|
|
|
—
|
|
|
|
|
2.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Total
|
|
$
|
890.7
|
|
|
|
$
|
499.7
|
|
|
|
|
$
|
149.5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
241.5
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||||||||
Description
|
December 31
2018 |
Level 1
|
|
Level 2
|
|
Level 3
|
|
Assets measured at NAV
|
||||||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||||||||
Evergy Kansas Central Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
215.0
|
|
|
|
$
|
144.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
70.3
|
|
|
International equities
|
|
138.7
|
|
|
|
91.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
46.9
|
|
|
|||||
Bond funds
|
|
296.4
|
|
|
|
255.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
41.0
|
|
|
|||||
Real estate investments
|
|
44.8
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
44.8
|
|
|
|||||
Combination debt/equity/other fund
|
|
30.1
|
|
|
|
30.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Alternative investment funds
|
|
73.6
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
73.6
|
|
|
|||||
Short-term investments
|
|
6.0
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
6.0
|
|
|
|||||
Total
|
|
$
|
804.6
|
|
|
|
$
|
522.0
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
282.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Evergy Metro Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
238.1
|
|
|
|
$
|
198.6
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
39.5
|
|
|
International equities
|
|
150.9
|
|
|
|
104.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
46.9
|
|
|
|||||
Bond funds
|
|
67.4
|
|
|
|
19.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
48.1
|
|
|
|||||
Corporate bonds
|
|
123.6
|
|
|
|
—
|
|
|
|
|
123.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
U.S. Treasury and agency bonds
|
|
69.9
|
|
|
|
52.4
|
|
|
|
|
17.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Mortgage and asset backed securities
|
|
5.5
|
|
|
|
—
|
|
|
|
|
5.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Real estate investments
|
|
48.2
|
|
|
|
12.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
35.6
|
|
|
|||||
Combination debt/equity/other fund
|
|
13.5
|
|
|
|
13.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Alternative investment funds
|
|
31.6
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
31.6
|
|
|
|||||
Cash and cash equivalents
|
|
49.8
|
|
|
|
49.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.3
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
798.8
|
|
|
|
$
|
450.2
|
|
|
|
|
$
|
146.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
201.7
|
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||||||||
Description
|
December 31
2019 |
Level 1
|
|
Level 2
|
|
Level 3
|
|
Assets measured at NAV
|
||||||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||||||||
Evergy Kansas Central Post-Retirement Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
40.5
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
40.5
|
|
|
International equities
|
|
26.0
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
26.0
|
|
|
|||||
Bond funds
|
|
52.9
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
52.9
|
|
|
|||||
Cash and cash equivalents
|
|
1.1
|
|
|
|
1.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
120.5
|
|
|
|
$
|
1.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
119.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Evergy Metro Post-Retirement Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Domestic equities
|
|
$
|
3.2
|
|
|
|
$
|
3.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
International equities
|
|
1.1
|
|
|
|
1.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Bond funds
|
|
77.5
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
77.4
|
|
|
|||||
Corporate bonds
|
|
17.8
|
|
|
|
—
|
|
|
|
|
17.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
U.S. Treasury and agency bonds
|
|
11.5
|
|
|
|
4.1
|
|
|
|
|
7.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Mortgage and asset backed securities
|
|
1.3
|
|
|
|
—
|
|
|
|
|
1.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
6.7
|
|
|
|
6.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.3
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
119.4
|
|
|
|
$
|
15.2
|
|
|
|
|
$
|
26.8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
77.4
|
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||||||||
Description
|
December 31
2018 |
Level 1
|
|
Level 2
|
|
Level 3
|
|
Assets measured at NAV
|
||||||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||||||||
Evergy Kansas Central Post-Retirement Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
56.4
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
56.4
|
|
|
International equities
|
|
14.0
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
14.0
|
|
|
|||||
Bond funds
|
|
38.4
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
38.4
|
|
|
|||||
Short-term investments
|
|
0.7
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.7
|
|
|
|||||
Cash and cash equivalents
|
|
0.2
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
109.7
|
|
|
|
$
|
0.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
109.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Evergy Metro Post-Retirement Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
2.5
|
|
|
|
$
|
2.5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
International equities
|
|
0.9
|
|
|
|
0.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Bond funds
|
|
75.0
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
74.8
|
|
|
|||||
Corporate bonds
|
|
17.4
|
|
|
|
—
|
|
|
|
|
17.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
U.S. Treasury and agency bonds
|
|
10.3
|
|
|
|
2.6
|
|
|
|
|
7.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Mortgage and asset backed securities
|
|
2.5
|
|
|
|
—
|
|
|
|
|
2.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
4.7
|
|
|
|
4.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.3
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
113.6
|
|
|
|
$
|
10.9
|
|
|
|
|
$
|
27.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
74.8
|
|
|
Assumed annual health care cost growth rates as of December 31, 2019
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|||
Health care cost trend rate assumed for next year
|
|
6.3
|
%
|
|
6.3
|
%
|
|
6.3
|
%
|
Rate to which the cost trend is assumed to decline (the ultimate trend rate)
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
Year that rate reaches ultimate trend
|
|
2027
|
|
|
2027
|
|
|
2027
|
|
|
|
|
|
|
|
|
|||
Assumed annual health care cost growth rates as of December 31, 2018
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|||
Health care cost trend rate assumed for next year
|
|
6.5
|
%
|
|
6.5
|
%
|
|
6.5
|
%
|
Rate to which the cost trend is assumed to decline (the ultimate trend rate)
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
Year that rate reaches ultimate trend
|
|
2027
|
|
|
2027
|
|
|
2027
|
|
|
|
Evergy
|
|
Evergy Kansas Central(a)
|
|
Evergy Metro
|
||||||
Effect of 1% increase
|
|
(millions)
|
||||||||||
Effect on total service and interest component
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Effect on post-retirement benefit obligation
|
|
0.5
|
|
|
(0.1
|
)
|
|
0.6
|
|
|||
Effect of 1% decrease
|
|
|
|
|
|
|
||||||
Effect on total service and interest component
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Effect on post-retirement benefit obligation
|
|
(0.4
|
)
|
|
0.1
|
|
|
(0.5
|
)
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(millions)
|
||||||||||
Evergy
|
|
$
|
17.6
|
|
|
$
|
16.3
|
|
|
$
|
9.7
|
|
Evergy Kansas Central
|
|
9.6
|
|
|
9.9
|
|
|
9.7
|
|
|||
Evergy Metro
|
|
8.0
|
|
|
8.3
|
|
|
7.7
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Evergy
|
|
(millions)
|
||||||||||
Equity compensation expense
|
|
$
|
15.5
|
|
|
$
|
30.7
|
|
|
$
|
8.9
|
|
Income tax benefit
|
|
3.0
|
|
|
1.4
|
|
|
3.5
|
|
|||
Evergy Kansas Central
|
|
|
|
|
|
|
||||||
Equity compensation expense
|
|
6.7
|
|
|
24.8
|
|
|
8.9
|
|
|||
Income tax benefit
|
|
1.9
|
|
|
1.4
|
|
|
3.5
|
|
|||
Evergy Metro(a)
|
|
|
|
|
|
|
||||||
Equity compensation expense
|
|
5.7
|
|
|
6.5
|
|
|
4.2
|
|
|||
Income tax benefit
|
|
0.3
|
|
|
0.1
|
|
|
1.6
|
|
|
Nonvested
Restricted Share Units
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2019
|
|
—
|
|
|
|
|
$
|
—
|
|
|
Granted
|
|
202,107
|
|
|
|
|
37.87
|
|
|
|
Forfeited
|
|
(4,857
|
)
|
|
|
|
37.87
|
|
|
|
Ending balance December 31, 2019
|
|
197,250
|
|
|
|
|
37.87
|
|
|
|
Nonvested
Restricted Share Units
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2019
|
|
217,256
|
|
|
|
|
$
|
54.07
|
|
|
Granted
|
|
70,395
|
|
|
|
|
54.47
|
|
|
|
Vested
|
|
(48,767
|
)
|
|
|
|
54.20
|
|
|
|
Forfeited
|
|
(5,534
|
)
|
|
|
|
54.23
|
|
|
|
Ending balance December 31, 2019
|
|
233,350
|
|
|
|
|
54.16
|
|
|
|
Performance
Shares
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2019
|
|
348,496
|
|
|
|
|
$
|
63.80
|
|
|
Vested
|
|
(69,317
|
)
|
|
|
|
46.11
|
|
|
|
Forfeited
|
|
(6,481
|
)
|
|
|
|
69.65
|
|
|
|
Performance adjustment
|
|
(44,442
|
)
|
|
|
|
42.97
|
|
|
|
Ending balance December 31, 2019
|
|
228,256
|
|
|
|
|
73.06
|
|
|
|
Nonvested
Restricted Stock
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2019
|
|
116,675
|
|
|
|
|
$
|
54.03
|
|
|
Vested
|
|
(38,404
|
)
|
|
|
|
54.35
|
|
|
|
Forfeited
|
|
(2,161
|
)
|
|
|
|
53.88
|
|
|
|
Ending balance December 31, 2019
|
|
76,110
|
|
|
|
|
53.87
|
|
|
|
|
Amounts Drawn
|
|
|
|
||||||||||||
|
Credit Facility
|
Commercial Paper
|
Letters of Credit
|
Cash Borrowings
|
Available Borrowings
|
|
Weighted Average Interest Rate on Short-Term Borrowings
|
||||||||||
December 31, 2019
|
(millions)
|
|
|
||||||||||||||
Evergy, Inc.
|
$
|
450.0
|
|
n/a
|
$
|
0.7
|
|
$
|
20.0
|
|
$
|
429.3
|
|
|
2.99%
|
||
Evergy Kansas Central
|
1,000.0
|
|
249.2
|
|
14.2
|
|
—
|
|
736.6
|
|
|
2.07%
|
|||||
Evergy Metro
|
600.0
|
|
199.3
|
|
—
|
|
—
|
|
400.7
|
|
|
2.02%
|
|||||
Evergy Missouri West
|
450.0
|
|
93.4
|
|
2.1
|
|
—
|
|
354.5
|
|
|
2.02%
|
|||||
Evergy
|
$
|
2,500.0
|
|
$
|
541.9
|
|
$
|
17.0
|
|
$
|
20.0
|
|
$
|
1,921.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||||
Evergy, Inc.
|
$
|
450.0
|
|
n/a
|
$
|
1.0
|
|
$
|
—
|
|
$
|
449.0
|
|
|
—%
|
||
Evergy Kansas Central
|
1,000.0
|
|
411.7
|
|
18.3
|
|
—
|
|
570.0
|
|
|
3.08%
|
|||||
Evergy Metro
|
600.0
|
|
176.9
|
|
2.7
|
|
—
|
|
420.4
|
|
|
2.95%
|
|||||
Evergy Missouri West
|
450.0
|
|
150.0
|
|
2.1
|
|
—
|
|
297.9
|
|
|
3.00%
|
|||||
Evergy
|
$
|
2,500.0
|
|
$
|
738.6
|
|
$
|
24.1
|
|
$
|
—
|
|
$
|
1,737.3
|
|
|
|
December 31, 2019
|
Issuing Entity
|
|
Year Due
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Mortgage Bonds
|
|
|
|
|
(millions)
|
||||||||||
5.10% Series
|
Evergy Kansas Central, Inc.
|
|
2020
|
|
$
|
250.0
|
|
|
$
|
250.0
|
|
|
$
|
—
|
|
3.25% Series
|
Evergy Kansas Central, Inc.
|
|
2025
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
2.55% Series
|
Evergy Kansas Central, Inc.
|
|
2026
|
|
350.0
|
|
|
350.0
|
|
|
—
|
|
|||
3.10% Series
|
Evergy Kansas Central, Inc.
|
|
2027
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
4.125% Series
|
Evergy Kansas Central, Inc.
|
|
2042
|
|
550.0
|
|
|
550.0
|
|
|
—
|
|
|||
4.10% Series
|
Evergy Kansas Central, Inc.
|
|
2043
|
|
430.0
|
|
|
430.0
|
|
|
—
|
|
|||
4.625% Series
|
Evergy Kansas Central, Inc.
|
|
2043
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
4.25% Series
|
Evergy Kansas Central, Inc.
|
|
2045
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
3.25% Series
|
Evergy Kansas Central, Inc.
|
|
2049
|
|
300.0
|
|
|
300.0
|
|
|
|
|
|||
6.15% Series
|
Evergy Kansas South, Inc.
|
|
2023
|
|
50.0
|
|
|
50.0
|
|
|
—
|
|
|||
6.53% Series
|
Evergy Kansas South, Inc.
|
|
2037
|
|
175.0
|
|
|
175.0
|
|
|
—
|
|
|||
6.64% Series
|
Evergy Kansas South, Inc.
|
|
2038
|
|
100.0
|
|
|
100.0
|
|
|
—
|
|
|||
4.30% Series
|
Evergy Kansas South, Inc.
|
|
2044
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
2.95% EIRR bonds
|
Evergy Metro, Inc.
|
|
2023
|
|
79.5
|
|
|
—
|
|
|
79.5
|
|
|||
4.125% Series
|
Evergy Metro, Inc.
|
|
2049
|
|
400.0
|
|
|
—
|
|
|
400.0
|
|
|||
9.44% Series
|
Evergy Missouri West, Inc.
|
|
2020-2021
|
|
2.3
|
|
|
—
|
|
|
—
|
|
|||
Pollution Control Bonds
|
|
|
|
|
|
|
|
|
|
||||||
1.39% Series(b)
|
Evergy Kansas Central, Inc.
|
|
2032
|
|
45.0
|
|
|
45.0
|
|
|
—
|
|
|||
1.39% Series(b)
|
Evergy Kansas Central, Inc.
|
|
2032
|
|
30.5
|
|
|
30.5
|
|
|
—
|
|
|||
1.39% Series(b)
|
Evergy Kansas South, Inc.
|
|
2027
|
|
21.9
|
|
|
21.9
|
|
|
—
|
|
|||
2.50% Series
|
Evergy Kansas South, Inc.
|
|
2031
|
|
50.0
|
|
|
50.0
|
|
|
—
|
|
|||
1.39% Series(b)
|
Evergy Kansas South, Inc.
|
|
2032
|
|
14.5
|
|
|
14.5
|
|
|
—
|
|
|||
1.39% Series(b)
|
Evergy Kansas South, Inc.
|
|
2032
|
|
10.0
|
|
|
10.0
|
|
|
—
|
|
|||
1.432% Series 2007A and 2007B(b)
|
Evergy Metro, Inc.
|
|
2035
|
|
146.5
|
|
|
—
|
|
|
146.5
|
|
|||
2.75% Series 2008
|
Evergy Metro, Inc.
|
|
2038
|
|
23.4
|
|
|
—
|
|
|
23.4
|
|
|||
Senior Notes
|
|
|
|
|
|
|
|
|
|
||||||
3.15% Series(g)
|
Evergy Metro, Inc.
|
|
2023
|
|
300.0
|
|
|
—
|
|
|
300.0
|
|
|||
3.65% Series(g)
|
Evergy Metro, Inc.
|
|
2025
|
|
350.0
|
|
|
—
|
|
|
350.0
|
|
|||
6.05% Series (5.78% rate)(a)(g)
|
Evergy Metro, Inc.
|
|
2035
|
|
250.0
|
|
|
—
|
|
|
250.0
|
|
|||
5.30% Series(g)
|
Evergy Metro, Inc.
|
|
2041
|
|
400.0
|
|
|
—
|
|
|
400.0
|
|
|||
4.20% Series(g)
|
Evergy Metro, Inc.
|
|
2047
|
|
300.0
|
|
|
—
|
|
|
300.0
|
|
|||
4.20% Series(g)
|
Evergy Metro, Inc.
|
|
2048
|
|
300.0
|
|
|
—
|
|
|
300.0
|
|
|||
8.27% Series
|
Evergy Missouri West, Inc.
|
|
2021
|
|
80.9
|
|
|
—
|
|
|
—
|
|
|||
3.49% Series A
|
Evergy Missouri West, Inc.
|
|
2025
|
|
36.0
|
|
|
—
|
|
|
—
|
|
|||
4.06% Series B
|
Evergy Missouri West, Inc.
|
|
2033
|
|
60.0
|
|
|
—
|
|
|
—
|
|
|||
4.74% Series C
|
Evergy Missouri West, Inc.
|
|
2043
|
|
150.0
|
|
|
—
|
|
|
—
|
|
|||
3.74% Series
|
Evergy Missouri West, Inc.
|
|
2022
|
|
100.0
|
|
|
—
|
|
|
—
|
|
|||
4.85% Series
|
Evergy, Inc.(f)
|
|
2021
|
|
350.0
|
|
|
—
|
|
|
—
|
|
|||
5.292% Series
|
Evergy, Inc.(f)
|
|
2022
|
|
287.5
|
|
|
—
|
|
|
—
|
|
|||
2.45% Series
|
Evergy, Inc.
|
|
2024
|
|
800.0
|
|
|
—
|
|
|
—
|
|
|||
2.90% Series (3.77% rate)(a)
|
Evergy, Inc.
|
|
2029
|
|
800.0
|
|
|
—
|
|
|
—
|
|
|||
Medium Term Notes
|
|
|
|
|
|
|
|
|
|
|
|||||
7.33% Series
|
Evergy Missouri West, Inc.
|
|
2023
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|||
7.17% Series
|
Evergy Missouri West, Inc.
|
|
2023
|
|
7.0
|
|
|
—
|
|
|
—
|
|
|||
Fair value adjustment(e)
|
|
|
|
|
125.5
|
|
|
—
|
|
|
—
|
|
|||
Current maturities
|
|
|
|
|
(251.1
|
)
|
|
(250.0
|
)
|
|
—
|
|
|||
Unamortized debt discount and debt issuance costs
|
|
|
|
(80.7
|
)
|
|
(40.8
|
)
|
|
(24.4
|
)
|
||||
Total excluding current maturities(d)
|
|
|
|
|
$
|
8,746.7
|
|
|
$
|
3,436.1
|
|
|
$
|
2,525.0
|
|
December 31, 2018
|
Issuing Entity
|
|
Year Due
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Mortgage Bonds
|
|
|
|
|
(millions)
|
||||||||||
5.10% Series
|
Evergy Kansas Central, Inc.
|
|
2020
|
|
$
|
250.0
|
|
|
$
|
250.0
|
|
|
$
|
—
|
|
3.25% Series
|
Evergy Kansas Central, Inc.
|
|
2025
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
2.55% Series
|
Evergy Kansas Central, Inc.
|
|
2026
|
|
350.0
|
|
|
350.0
|
|
|
—
|
|
|||
3.10% Series
|
Evergy Kansas Central, Inc.
|
|
2027
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
4.125% Series
|
Evergy Kansas Central, Inc.
|
|
2042
|
|
550.0
|
|
|
550.0
|
|
|
—
|
|
|||
4.10% Series
|
Evergy Kansas Central, Inc.
|
|
2043
|
|
430.0
|
|
|
430.0
|
|
|
—
|
|
|||
4.625% Series
|
Evergy Kansas Central, Inc.
|
|
2043
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
4.25% Series
|
Evergy Kansas Central, Inc.
|
|
2045
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
6.70% Series
|
Evergy Kansas South, Inc.
|
|
2019
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
6.15% Series
|
Evergy Kansas South, Inc.
|
|
2023
|
|
50.0
|
|
|
50.0
|
|
|
—
|
|
|||
6.53% Series
|
Evergy Kansas South, Inc.
|
|
2037
|
|
175.0
|
|
|
175.0
|
|
|
—
|
|
|||
6.64% Series
|
Evergy Kansas South, Inc.
|
|
2038
|
|
100.0
|
|
|
100.0
|
|
|
—
|
|
|||
4.30% Series
|
Evergy Kansas South, Inc.
|
|
2044
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
2.95% EIRR bonds
|
Evergy Metro, Inc.
|
|
2023
|
|
79.5
|
|
|
—
|
|
|
79.5
|
|
|||
7.15% Series 2009A (8.59% rate)(a)
|
Evergy Metro, Inc.
|
|
2019
|
|
400.0
|
|
|
—
|
|
|
400.0
|
|
|||
9.44% Series
|
Evergy Missouri West, Inc.
|
|
2019-2021
|
|
3.4
|
|
|
—
|
|
|
—
|
|
|||
Pollution Control Bonds
|
|
|
|
|
|
|
|
|
|
||||||
2.46% Series(b)
|
Evergy Kansas Central, Inc.
|
|
2032
|
|
45.0
|
|
|
45.0
|
|
|
—
|
|
|||
2.46% Series(b)
|
Evergy Kansas Central, Inc.
|
|
2032
|
|
30.5
|
|
|
30.5
|
|
|
—
|
|
|||
2.46% Series(b)
|
Evergy Kansas South, Inc.
|
|
2027
|
|
21.9
|
|
|
21.9
|
|
|
—
|
|
|||
2.50% Series
|
Evergy Kansas South, Inc.
|
|
2031
|
|
50.0
|
|
|
50.0
|
|
|
—
|
|
|||
2.46% Series(b)
|
Evergy Kansas South, Inc.
|
|
2032
|
|
14.5
|
|
|
14.5
|
|
|
—
|
|
|||
2.46% Series(b)
|
Evergy Kansas South, Inc.
|
|
2032
|
|
10.0
|
|
|
10.0
|
|
|
—
|
|
|||
1.865% Series 2007A and 2007B(b)
|
Evergy Metro, Inc.
|
|
2035
|
|
146.5
|
|
|
—
|
|
|
146.5
|
|
|||
2.75% Series 2008
|
Evergy Metro, Inc.
|
|
2038
|
|
23.4
|
|
|
—
|
|
|
23.4
|
|
|||
Senior Notes
|
|
|
|
|
|
|
|
|
|
||||||
3.15% Series
|
Evergy Metro, Inc.
|
|
2023
|
|
300.0
|
|
|
—
|
|
|
300.0
|
|
|||
3.65% Series
|
Evergy Metro, Inc.
|
|
2025
|
|
350.0
|
|
|
—
|
|
|
350.0
|
|
|||
6.05% Series (5.78% rate)(a)
|
Evergy Metro, Inc.
|
|
2035
|
|
250.0
|
|
|
—
|
|
|
250.0
|
|
|||
5.30% Series
|
Evergy Metro, Inc.
|
|
2041
|
|
400.0
|
|
|
—
|
|
|
400.0
|
|
|||
4.20% Series
|
Evergy Metro, Inc.
|
|
2047
|
|
300.0
|
|
|
—
|
|
|
300.0
|
|
|||
4.20% Series
|
Evergy Metro, Inc.
|
|
2048
|
|
300.0
|
|
|
—
|
|
|
300.0
|
|
|||
8.27% Series
|
Evergy Missouri West, Inc.
|
|
2021
|
|
80.9
|
|
|
—
|
|
|
—
|
|
|||
3.49% Series A
|
Evergy Missouri West, Inc.
|
|
2025
|
|
36.0
|
|
|
—
|
|
|
—
|
|
|||
4.06% Series B
|
Evergy Missouri West, Inc.
|
|
2033
|
|
60.0
|
|
|
—
|
|
|
—
|
|
|||
4.74% Series C
|
Evergy Missouri West, Inc.
|
|
2043
|
|
150.0
|
|
|
—
|
|
|
—
|
|
|||
4.85% Series
|
Evergy, Inc.(f)
|
|
2021
|
|
350.0
|
|
|
—
|
|
|
—
|
|
|||
5.292% Series
|
Evergy, Inc.(f)
|
|
2022
|
|
287.5
|
|
|
—
|
|
|
—
|
|
|||
Medium Term Notes
|
|
|
|
|
|
|
|
|
|
||||||
7.33% Series
|
Evergy Missouri West, Inc.
|
|
2023
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|||
7.17% Series
|
Evergy Missouri West, Inc.
|
|
2023
|
|
7.0
|
|
|
—
|
|
|
—
|
|
|||
Fair value adjustment(e)
|
|
|
|
|
144.8
|
|
|
—
|
|
|
—
|
|
|||
Current maturities (c)
|
|
|
|
|
(705.4
|
)
|
|
(300.0
|
)
|
|
(400.0
|
)
|
|||
Unamortized debt discount and debt issuance costs
|
|
|
|
(57.2
|
)
|
|
(37.1
|
)
|
|
(19.3
|
)
|
||||
Total excluding current maturities(d)
|
|
|
|
|
$
|
6,636.3
|
|
|
$
|
3,389.8
|
|
|
$
|
2,130.1
|
|
(a)
|
Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments.
|
(b)
|
Variable rate.
|
(c)
|
Evergy's current maturities total as of December 31, 2018, includes $4.3 million of fair value adjustments recorded in connection with purchase accounting for the merger transaction.
|
(d)
|
At December 31, 2019 and 2018, does not include $50.0 million and $21.9 million of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by Evergy Metro.
|
(e)
|
Represents the fair value adjustments recorded at Evergy consolidated related to the long-term debt of Great Plains Energy, Evergy Metro and Evergy Missouri West in connection with purchase accounting for the merger transaction. This amount is not part of future principal payments and will amortize over the remaining life of the associated debt instruments.
|
(f)
|
Originally issued by Great Plains Energy but assumed by Evergy, Inc. as part of the merger transaction.
|
(g)
|
Effectively secured pursuant to the General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented (Evergy Metro Mortgage Indenture) through the issuance of collateral mortgage bonds issued to the trustee for the unsecured senior notes in March 2019.
|
|
|
|
December 31
|
|
||||||||
|
|
2019
|
|
2018
|
||||||||
|
|
|
(millions)
|
|
||||||||
2.398% due 2021
|
|
|
$
|
51.1
|
|
|
|
|
$
|
81.4
|
|
|
Current maturities
|
|
|
(32.3
|
)
|
|
|
|
(30.3
|
)
|
|
||
Total excluding current maturities
|
|
|
$
|
18.8
|
|
|
|
|
$
|
51.1
|
|
|
•
|
$300.0 million of 3.15% Series, maturing in 2023;
|
•
|
$350.0 million of 3.65% Series, maturing in 2025;
|
•
|
$250.0 million of 6.05% Series, maturing in 2035;
|
•
|
$400.0 million of 5.30% Series, maturing in 2041;
|
•
|
$300.0 million of 4.20% Series, maturing in 2047; and
|
•
|
$300.0 million of 4.20% Series, maturing in 2048.
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
||||||||||
|
|
(millions)
|
||||||||||||||||||
Evergy(a)
|
|
$
|
251.1
|
|
|
$
|
432.0
|
|
|
$
|
387.5
|
|
|
$
|
439.5
|
|
|
$
|
800.0
|
|
Evergy Kansas Central(a)
|
|
250.0
|
|
|
—
|
|
|
—
|
|
|
50.0
|
|
|
—
|
|
|||||
Evergy Metro
|
|
—
|
|
|
—
|
|
|
—
|
|
|
379.5
|
|
|
—
|
|
|||||
VIEs
|
|
32.3
|
|
|
18.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
December 31
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
|
|
Book Value
|
|
Fair Value
|
|
Book Value
|
|
Fair Value
|
||||||||
Long-term debt(a)
|
|
(millions)
|
||||||||||||||
Evergy(b)
|
|
$
|
8,997.8
|
|
|
$
|
9,750.2
|
|
|
$
|
7,341.7
|
|
|
$
|
7,412.1
|
|
Evergy Kansas Central
|
|
3,686.1
|
|
|
4,078.8
|
|
|
3,689.8
|
|
|
3,771.3
|
|
||||
Evergy Metro
|
|
2,525.0
|
|
|
2,932.2
|
|
|
2,530.1
|
|
|
2,637.5
|
|
||||
Long-term debt of variable interest entities(a)
|
|
|
|
|
|
|
|
|
||||||||
Evergy
|
|
$
|
51.1
|
|
|
$
|
51.5
|
|
|
$
|
81.4
|
|
|
$
|
81.3
|
|
Evergy Kansas Central
|
|
51.1
|
|
|
51.5
|
|
|
81.4
|
|
|
81.3
|
|
Description
|
December 31, 2019
|
|
Level 1
|
|
Level 2
|
Level 3
|
NAV
|
||||||||||||||||||
Evergy Kansas Central
|
|
(millions)
|
|||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equity funds
|
|
$
|
86.1
|
|
|
|
$
|
78.6
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
7.5
|
|
|
International equity funds
|
|
52.0
|
|
|
|
52.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Core bond fund
|
|
39.3
|
|
|
|
39.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
High-yield bond fund
|
|
22.3
|
|
|
|
22.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Emerging markets bond fund
|
|
19.4
|
|
|
|
19.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Combination debt/equity/other fund
|
|
16.4
|
|
|
|
16.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Alternative investments fund
|
|
23.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23.9
|
|
|
|||||
Real estate securities fund
|
|
12.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12.6
|
|
|
|||||
Cash equivalents
|
|
0.5
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
272.5
|
|
|
|
228.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
44.0
|
|
|
|||||
Rabbi trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core bond fund
|
|
25.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
25.3
|
|
|
|||||
Combination debt/equity/other fund
|
|
6.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6.3
|
|
|
|||||
Cash equivalents
|
|
0.1
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total rabbi trust
|
|
31.7
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
31.6
|
|
|
|||||
Total
|
|
$
|
304.2
|
|
|
|
$
|
228.6
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
75.6
|
|
|
Evergy Metro
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
$
|
211.1
|
|
|
|
$
|
211.1
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Treasury
|
|
50.3
|
|
|
|
50.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. Agency
|
|
0.4
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
State and local obligations
|
|
2.2
|
|
|
|
—
|
|
|
|
2.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Corporate bonds
|
|
33.2
|
|
|
|
—
|
|
|
|
33.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Foreign governments
|
|
0.1
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
3.1
|
|
|
|
3.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.3
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
300.7
|
|
|
|
264.5
|
|
|
|
36.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Self-insured health plan trust(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
0.5
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Debt securities
|
|
6.7
|
|
|
|
1.4
|
|
|
|
5.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
2.7
|
|
|
|
2.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total self-insured health plan trust
|
|
9.9
|
|
|
|
4.6
|
|
|
|
5.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
310.6
|
|
|
|
$
|
269.1
|
|
|
|
$
|
41.5
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Other Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rabbi trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income fund
|
|
$
|
13.3
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
13.3
|
|
|
Cash and cash equivalents
|
|
0.5
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total rabbi trusts
|
|
$
|
13.8
|
|
|
|
$
|
0.5
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
13.3
|
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust(a)
|
|
$
|
573.2
|
|
|
|
$
|
493.0
|
|
|
|
$
|
36.2
|
|
|
|
$
|
—
|
|
|
|
$
|
44.0
|
|
|
Rabbi trusts
|
|
45.5
|
|
|
|
0.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
44.9
|
|
|
|||||
Self-insured health plan trust(b)
|
|
9.9
|
|
|
|
4.6
|
|
|
|
5.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
628.6
|
|
|
|
$
|
498.2
|
|
|
|
$
|
41.5
|
|
|
|
$
|
—
|
|
|
|
$
|
88.9
|
|
|
Description
|
December 31, 2018
|
Level 1
|
Level 2
|
Level 3
|
NAV
|
||||||||||||||||||||
Evergy Kansas Central
|
|
(millions)
|
|||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equity funds
|
|
$
|
70.6
|
|
|
|
$
|
63.9
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
6.7
|
|
|
International equity funds
|
|
36.2
|
|
|
|
36.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Core bond fund
|
|
37.5
|
|
|
|
37.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
High-yield bond fund
|
|
18.9
|
|
|
|
18.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Emerging markets bond fund
|
|
15.4
|
|
|
|
15.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Combination debt/equity/other fund
|
|
12.9
|
|
|
|
12.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Alternative investments fund
|
|
24.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24.1
|
|
|
|||||
Real estate securities fund
|
|
11.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11.8
|
|
|
|||||
Cash equivalents
|
|
0.1
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
227.5
|
|
|
|
184.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
42.6
|
|
|
|||||
Rabbi trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core bond fund
|
|
24.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24.8
|
|
|
|||||
Combination debt/equity/other fund
|
|
5.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5.6
|
|
|
|||||
Cash equivalents
|
|
0.2
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total rabbi trust
|
|
30.6
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30.4
|
|
|
|||||
Total
|
|
$
|
258.1
|
|
|
|
$
|
185.1
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
73.0
|
|
|
Evergy Metro
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
$
|
166.6
|
|
|
|
$
|
166.6
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury
|
|
42.1
|
|
|
|
42.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. Agency
|
|
0.4
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
State and local obligations
|
|
2.1
|
|
|
|
—
|
|
|
|
2.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Corporate bonds
|
|
30.9
|
|
|
|
—
|
|
|
|
30.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Foreign governments
|
|
0.1
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
1.7
|
|
|
|
1.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.7
|
|
|
|
0.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
244.6
|
|
|
|
211.1
|
|
|
|
33.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Self-insured health plan trust(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
0.5
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Debt securities
|
|
3.9
|
|
|
|
0.3
|
|
|
|
3.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
8.0
|
|
|
|
8.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total self-insured health plan trust
|
|
12.4
|
|
|
|
8.8
|
|
|
|
3.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
257.0
|
|
|
|
$
|
219.9
|
|
|
|
$
|
37.1
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Other Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rabbi trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income fund
|
|
$
|
13.2
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
13.2
|
|
|
Total rabbi trusts
|
|
$
|
13.2
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
13.2
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate swaps(c)
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Total
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust(a)
|
|
$
|
472.1
|
|
|
|
$
|
396.0
|
|
|
|
$
|
33.5
|
|
|
|
$
|
—
|
|
|
|
$
|
42.6
|
|
|
Rabbi trust
|
|
43.8
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
43.6
|
|
|
|||||
Self-insured health plan trust(b)
|
|
12.4
|
|
|
|
8.8
|
|
|
|
3.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
528.3
|
|
|
|
$
|
405.0
|
|
|
|
$
|
37.1
|
|
|
|
$
|
—
|
|
|
|
$
|
86.2
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate swaps(c)
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Total
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
(a)
|
Fair value is based on quoted market prices of the investments held by the trust and/or valuation models.
|
(b)
|
Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities.
|
(c)
|
The fair value of interest rate swaps are determined by calculating the net present value of expected payments and receipts under the interest rate swaps using observable market inputs including interest rates and London Interbank Offered Rate (LIBOR) swap rates.
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2019
|
||||||||||||||
|
Fair
|
|
Unfunded
|
|
Fair
|
|
Unfunded
|
|
Redemption
|
|
Length of
|
||||||||
|
Value
|
|
Commitments
|
|
Value
|
|
Commitments
|
|
Frequency
|
|
Settlement
|
||||||||
Evergy Kansas Central
|
(millions)
|
|
|
|
|
||||||||||||||
Nuclear decommissioning trust:
|
|
|
|
|
|
||||||||||||||
Domestic equity funds
|
$
|
7.5
|
|
|
$
|
3.3
|
|
|
$
|
6.7
|
|
|
$
|
4.3
|
|
|
(a)
|
|
(a)
|
Alternative investments fund(b)
|
23.9
|
|
|
—
|
|
|
24.1
|
|
|
—
|
|
|
Quarterly
|
|
65 days
|
||||
Real estate securities fund(b)
|
12.6
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
|
Quarterly
|
|
65 days
|
||||
Total
|
$
|
44.0
|
|
|
$
|
3.3
|
|
|
$
|
42.6
|
|
|
$
|
4.3
|
|
|
|
|
|
Rabbi trust:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Core bond fund
|
$
|
25.3
|
|
|
$
|
—
|
|
|
$
|
24.8
|
|
|
$
|
—
|
|
|
(c)
|
|
(c)
|
Combination debt/equity/other fund
|
6.3
|
|
|
—
|
|
|
5.6
|
|
|
—
|
|
|
(c)
|
|
(c)
|
||||
Total
|
$
|
31.6
|
|
|
$
|
—
|
|
|
$
|
30.4
|
|
|
$
|
—
|
|
|
|
|
|
Other Evergy
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rabbi trusts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income fund
|
$
|
13.3
|
|
|
$
|
—
|
|
|
$
|
13.2
|
|
|
$
|
—
|
|
|
(c)
|
|
(c)
|
Total Evergy investments at NAV
|
$
|
88.9
|
|
|
$
|
3.3
|
|
|
$
|
86.2
|
|
|
$
|
4.3
|
|
|
|
|
|
(a)
|
This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth fund occurred in 2016 and 2018, respectively. The fourth fund's term is 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. The fifth fund's term will be 15 years after the initial closing date, subject to additional extensions approved by a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund.
|
(b)
|
There is a holdback on final redemptions.
|
(c)
|
This investment can be redeemed immediately and is not subject to any restrictions on redemptions.
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Evergy Kansas Central
|
(millions)
|
|||||||||||
Nuclear decommissioning trust - equity securities
|
|
$
|
33.3
|
|
|
$
|
(31.8
|
)
|
|
15.7
|
|
|
Rabbi trust - equity securities
|
|
3.2
|
|
|
1.0
|
|
|
(14.3
|
)
|
|||
Total
|
|
$
|
36.5
|
|
|
$
|
(30.8
|
)
|
|
$
|
1.4
|
|
Evergy Metro(a)
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust - equity securities
|
|
$
|
40.7
|
|
|
$
|
(20.7
|
)
|
|
26.7
|
|
|
Nuclear decommissioning trust - debt securities
|
|
5.1
|
|
|
(2.5
|
)
|
|
0.5
|
|
|||
Total
|
|
$
|
45.8
|
|
|
$
|
(23.2
|
)
|
|
$
|
27.2
|
|
Evergy
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust - equity securities
|
|
$
|
74.0
|
|
|
$
|
(54.1
|
)
|
|
15.7
|
|
|
Nuclear decommissioning trust - debt securities
|
|
5.1
|
|
|
(0.5
|
)
|
|
—
|
|
|||
Rabbi trusts - equity securities
|
|
3.1
|
|
|
1.0
|
|
|
(14.3
|
)
|
|||
Total
|
|
$
|
82.2
|
|
|
$
|
(53.6
|
)
|
|
$
|
1.4
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024
|
|
After 2024
|
Total
|
|||||||||||||||||
Purchase commitments
|
|
(millions)
|
||||||||||||||||||||||||||||||||
Fuel
|
|
$
|
486.9
|
|
|
|
$
|
137.0
|
|
|
|
$
|
83.2
|
|
|
|
$
|
84.7
|
|
|
|
$
|
17.1
|
|
|
|
$
|
94.1
|
|
|
|
$
|
903.0
|
|
Power
|
|
47.3
|
|
|
|
47.4
|
|
|
|
47.6
|
|
|
|
47.8
|
|
|
|
41.7
|
|
|
|
325.2
|
|
|
|
557.0
|
|
|||||||
Other
|
|
147.7
|
|
|
|
42.3
|
|
|
|
30.0
|
|
|
|
25.1
|
|
|
|
19.4
|
|
|
|
117.7
|
|
|
|
382.2
|
|
|||||||
Total contractual commitments
|
|
$
|
681.9
|
|
|
|
$
|
226.7
|
|
|
|
$
|
160.8
|
|
|
|
$
|
157.6
|
|
|
|
$
|
78.2
|
|
|
|
$
|
537.0
|
|
|
|
$
|
1,842.2
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024
|
|
After 2024
|
Total
|
|||||||||||||||||
Purchase commitments
|
|
(millions)
|
||||||||||||||||||||||||||||||||
Fuel
|
|
$
|
269.9
|
|
|
|
$
|
33.0
|
|
|
|
$
|
47.2
|
|
|
|
$
|
45.7
|
|
|
|
$
|
11.5
|
|
|
|
$
|
59.0
|
|
|
|
$
|
466.3
|
|
Other
|
|
76.5
|
|
|
|
11.7
|
|
|
|
4.7
|
|
|
|
3.0
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
96.1
|
|
|||||||
Total contractual commitments
|
|
$
|
346.4
|
|
|
|
$
|
44.7
|
|
|
|
$
|
51.9
|
|
|
|
$
|
48.7
|
|
|
|
$
|
11.7
|
|
|
|
$
|
59.0
|
|
|
|
$
|
562.4
|
|
Evergy Metro
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024
|
|
After 2024
|
Total
|
|||||||||||||||||
Purchase commitments
|
|
(millions)
|
||||||||||||||||||||||||||||||||
Fuel
|
|
$
|
180.2
|
|
|
|
$
|
92.5
|
|
|
|
$
|
36.0
|
|
|
|
$
|
39.0
|
|
|
|
$
|
5.6
|
|
|
|
$
|
35.1
|
|
|
|
$
|
388.4
|
|
Power
|
|
34.8
|
|
|
|
34.9
|
|
|
|
35.1
|
|
|
|
35.3
|
|
|
|
29.2
|
|
|
|
225.4
|
|
|
|
394.7
|
|
|||||||
Other
|
|
58.4
|
|
|
|
29.0
|
|
|
|
24.2
|
|
|
|
21.6
|
|
|
|
18.7
|
|
|
|
112.9
|
|
|
|
264.8
|
|
|||||||
Total contractual commitments
|
|
$
|
273.4
|
|
|
|
$
|
156.4
|
|
|
|
$
|
95.3
|
|
|
|
$
|
95.9
|
|
|
|
$
|
53.5
|
|
|
|
$
|
373.4
|
|
|
|
$
|
1,047.9
|
|
•
|
Evergy direct guarantees to Evergy Missouri West counterparties totaling $17.0 million, which expire in 2020, and
|
•
|
Evergy's guarantee of Evergy Missouri West long-term debt totaling $93.2 million, which includes debt with maturity dates ranging from 2020 to 2023.
|
|
|
December 31
|
|
|||||||
|
|
2019
|
|
|
2018
|
|
||||
Evergy Kansas Central
|
|
(millions)
|
|
|||||||
Net receivable from Evergy Missouri West
|
|
$
|
3.1
|
|
|
|
$
|
2.6
|
|
|
Net payable to Evergy Metro
|
|
(14.9
|
)
|
|
|
(13.5
|
)
|
|
||
Net receivable from (payable to) Evergy
|
|
6.9
|
|
|
|
(1.4
|
)
|
|
||
|
|
|
|
|
|
|
||||
Evergy Metro
|
|
|
|
|
|
|
||||
Net receivable from Evergy Missouri West
|
|
$
|
78.7
|
|
|
|
$
|
72.6
|
|
|
Net receivable from Evergy Kansas Central
|
|
14.9
|
|
|
|
13.5
|
|
|
||
Net receivable from (payable to) Evergy
|
|
(4.3
|
)
|
|
|
15.7
|
|
|
Date ASR Entered
|
|
Final Settlement Date
|
|
Amount
|
|
Shares Delivered
|
|||
|
|
|
|
(millions)
|
|||||
August 2018
|
|
October/November 2018
|
|
$
|
450.0
|
|
|
7.9
|
|
November 2018
|
|
February 2019
|
|
475.0
|
|
|
8.3
|
|
|
March 2019
|
|
June 2019
|
|
450.0
|
|
|
7.8
|
|
|
June 2019
|
|
September 2019
|
|
500.0
|
|
|
8.1
|
|
|
September 2019
|
|
November/December 2019
|
|
500.0
|
|
|
7.8
|
|
|
|
December 31
|
||||||
|
|
2019
|
|
2018
|
||||
Assets:
|
|
(millions)
|
||||||
Property, plant and equipment of variable interest entities, net
|
|
$
|
162.0
|
|
|
$
|
169.2
|
|
Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt of variable interest entities
|
|
$
|
32.3
|
|
|
$
|
30.3
|
|
Accrued interest(a)
|
|
0.3
|
|
|
0.5
|
|
||
Long-term debt of variable interest entities, net
|
|
18.8
|
|
|
51.1
|
|
(a)
|
Included in accrued interest on Evergy's and Evergy Kansas Central's consolidated balance sheets.
|
Evergy
|
2019
|
|
2018
|
|
2017
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
(39.5
|
)
|
|
$
|
(67.4
|
)
|
|
$
|
0.1
|
|
State
|
15.0
|
|
|
2.2
|
|
|
0.4
|
|
|||
Total
|
(24.5
|
)
|
|
(65.2
|
)
|
|
0.5
|
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
93.2
|
|
|
160.1
|
|
|
122.8
|
|
|||
State
|
27.5
|
|
|
(32.3
|
)
|
|
30.7
|
|
|||
Total
|
120.7
|
|
|
127.8
|
|
|
153.5
|
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Deferral
|
5.2
|
|
|
—
|
|
|
—
|
|
|||
Amortization
|
(4.4
|
)
|
|
(3.6
|
)
|
|
(2.8
|
)
|
|||
Total
|
0.8
|
|
|
(3.6
|
)
|
|
(2.8
|
)
|
|||
Income tax expense
|
$
|
97.0
|
|
|
$
|
59.0
|
|
|
$
|
151.2
|
|
Evergy Kansas Central
|
2019
|
|
2018
|
|
2017
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
37.9
|
|
|
$
|
(0.3
|
)
|
|
$
|
0.1
|
|
State
|
2.6
|
|
|
(1.8
|
)
|
|
0.4
|
|
|||
Total
|
40.5
|
|
|
(2.1
|
)
|
|
0.5
|
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
(8.9
|
)
|
|
43.5
|
|
|
122.8
|
|
|||
State
|
18.4
|
|
|
(42.9
|
)
|
|
30.7
|
|
|||
Total
|
9.5
|
|
|
0.6
|
|
|
153.5
|
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Deferral
|
5.2
|
|
|
—
|
|
|
—
|
|
|||
Amortization
|
(3.1
|
)
|
|
(2.8
|
)
|
|
(2.8
|
)
|
|||
Total
|
2.1
|
|
|
(2.8
|
)
|
|
(2.8
|
)
|
|||
Income tax expense (benefit)
|
$
|
52.1
|
|
|
$
|
(4.3
|
)
|
|
$
|
151.2
|
|
Evergy Metro(a)
|
2019
|
|
2018
|
|
2017
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
43.9
|
|
|
$
|
29.8
|
|
|
$
|
37.4
|
|
State
|
22.4
|
|
|
8.9
|
|
|
8.3
|
|
|||
Total
|
66.3
|
|
|
38.7
|
|
|
45.7
|
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
(24.5
|
)
|
|
(3.4
|
)
|
|
74.7
|
|
|||
State
|
(5.0
|
)
|
|
53.0
|
|
|
8.8
|
|
|||
Total
|
(29.5
|
)
|
|
49.6
|
|
|
83.5
|
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Amortization
|
(1.1
|
)
|
|
(1.0
|
)
|
|
(1.0
|
)
|
|||
Total
|
(1.1
|
)
|
|
(1.0
|
)
|
|
(1.0
|
)
|
|||
Income tax expense
|
$
|
35.7
|
|
|
$
|
87.3
|
|
|
$
|
128.2
|
|
Evergy
|
2019
|
|
2018
|
|
2017
|
|||
Federal statutory income tax
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
COLI policies
|
(1.8
|
)
|
|
(1.9
|
)
|
|
(3.1
|
)
|
State income taxes
|
5.0
|
|
|
4.9
|
|
|
4.1
|
|
Flow through depreciation for plant-related differences
|
(4.5
|
)
|
|
0.8
|
|
|
2.3
|
|
Federal tax credits
|
(4.9
|
)
|
|
(6.4
|
)
|
|
(6.9
|
)
|
Non-controlling interest
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(0.9
|
)
|
AFUDC equity
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.2
|
)
|
Amortization of federal investment tax credits
|
(0.5
|
)
|
|
(0.6
|
)
|
|
(0.6
|
)
|
Changes in uncertain tax positions, net
|
(0.2
|
)
|
|
0.1
|
|
|
—
|
|
Federal or state tax rate change
|
—
|
|
|
(8.7
|
)
|
|
2.5
|
|
Valuation allowance
|
(1.0
|
)
|
|
0.4
|
|
|
0.3
|
|
Stock compensation
|
0.1
|
|
|
(0.4
|
)
|
|
(0.9
|
)
|
Officer compensation limitation
|
0.1
|
|
|
1.2
|
|
|
0.2
|
|
Other
|
(0.4
|
)
|
|
(0.2
|
)
|
|
(0.8
|
)
|
Effective income tax rate
|
12.4
|
%
|
|
9.7
|
%
|
|
31.0
|
%
|
Evergy Kansas Central
|
2019
|
|
2018
|
|
2017
|
|||
Federal statutory income tax
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
COLI policies
|
(3.3
|
)
|
|
(3.3
|
)
|
|
(3.1
|
)
|
State income taxes
|
5.3
|
|
|
5.0
|
|
|
4.1
|
|
Flow through depreciation for plant-related differences
|
(0.1
|
)
|
|
1.6
|
|
|
2.3
|
|
Federal tax credits
|
(7.4
|
)
|
|
(10.4
|
)
|
|
(6.9
|
)
|
Non-controlling interest
|
(0.8
|
)
|
|
(0.6
|
)
|
|
(0.9
|
)
|
AFUDC equity
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
Amortization of federal investment tax credits
|
(0.7
|
)
|
|
(0.8
|
)
|
|
(0.6
|
)
|
Changes in uncertain tax positions, net
|
(0.4
|
)
|
|
0.1
|
|
|
—
|
|
Federal or state tax rate change
|
—
|
|
|
(15.3
|
)
|
|
2.5
|
|
Valuation allowance
|
(0.4
|
)
|
|
0.5
|
|
|
0.3
|
|
Stock compensation
|
(0.1
|
)
|
|
(0.8
|
)
|
|
(0.9
|
)
|
Officer compensation limitation
|
—
|
|
|
1.8
|
|
|
0.2
|
|
Other
|
(0.3
|
)
|
|
0.2
|
|
|
(0.8
|
)
|
Effective income tax rate
|
12.7
|
%
|
|
(1.2
|
)%
|
|
31.0
|
%
|
Evergy Metro(a)
|
2019
|
|
2018
|
|
2017
|
|||
Federal statutory income tax
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
COLI policies
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.3
|
)
|
State income taxes
|
4.7
|
|
|
5.5
|
|
|
3.8
|
|
Flow through depreciation for plant-related differences
|
(9.4
|
)
|
|
(2.5
|
)
|
|
0.5
|
|
Federal tax credits
|
(2.5
|
)
|
|
(2.1
|
)
|
|
(2.4
|
)
|
AFUDC equity
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(0.7
|
)
|
Amortization of federal investment tax credits
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(0.3
|
)
|
Federal or state tax rate change
|
—
|
|
|
14.1
|
|
|
5.3
|
|
Valuation allowance
|
—
|
|
|
—
|
|
|
0.4
|
|
Stock compensation
|
—
|
|
|
—
|
|
|
0.2
|
|
Officer compensation limitation
|
0.3
|
|
|
0.6
|
|
|
0.1
|
|
Other
|
(1.0
|
)
|
|
(1.0
|
)
|
|
—
|
|
Effective income tax rate
|
12.3
|
%
|
|
34.9
|
%
|
|
41.6
|
%
|
|
December 31
|
||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Deferred tax assets:
|
(millions)
|
||||||||||||||||||||||
Tax credit carryforward
|
$
|
548.9
|
|
|
$
|
337.3
|
|
|
$
|
204.4
|
|
|
$
|
508.1
|
|
|
$
|
307.1
|
|
|
$
|
194.0
|
|
Income taxes refundable to customers, net
|
466.3
|
|
|
234.3
|
|
|
176.2
|
|
|
478.1
|
|
|
233.1
|
|
|
186.9
|
|
||||||
Deferred employee benefit costs
|
197.0
|
|
|
93.4
|
|
|
120.4
|
|
|
215.4
|
|
|
89.6
|
|
|
118.3
|
|
||||||
Net operating loss carryforward
|
163.4
|
|
|
23.1
|
|
|
61.9
|
|
|
383.3
|
|
|
60.7
|
|
|
119.2
|
|
||||||
Deferred state income taxes
|
64.4
|
|
|
64.4
|
|
|
—
|
|
|
62.5
|
|
|
62.5
|
|
|
—
|
|
||||||
Alternative minimum tax carryforward
|
37.9
|
|
|
13.4
|
|
|
—
|
|
|
73.4
|
|
|
26.7
|
|
|
—
|
|
||||||
Accrued liabilities
|
80.4
|
|
|
14.5
|
|
|
29.1
|
|
|
82.6
|
|
|
13.6
|
|
|
32.8
|
|
||||||
Other
|
183.2
|
|
|
99.1
|
|
|
55.1
|
|
|
193.5
|
|
|
101.7
|
|
|
46.7
|
|
||||||
Total deferred tax assets before valuation
allowance
|
1,741.5
|
|
|
879.5
|
|
|
647.1
|
|
|
1,996.9
|
|
|
895.0
|
|
|
697.9
|
|
||||||
Valuation allowances
|
(17.5
|
)
|
|
—
|
|
|
—
|
|
|
(27.3
|
)
|
|
(1.7
|
)
|
|
—
|
|
||||||
Total deferred tax assets, net
|
1,724.0
|
|
|
879.5
|
|
|
647.1
|
|
|
1,969.6
|
|
|
893.3
|
|
|
697.9
|
|
||||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Plant-related
|
(3,107.1
|
)
|
|
(1,481.7
|
)
|
|
(1,157.0
|
)
|
|
(3,164.9
|
)
|
|
(1,491.6
|
)
|
|
(1,199.7
|
)
|
||||||
Deferred employee benefit costs
|
(173.3
|
)
|
|
(93.4
|
)
|
|
(79.5
|
)
|
|
(199.9
|
)
|
|
(89.6
|
)
|
|
(86.1
|
)
|
||||||
Acquisition premium
|
(68.2
|
)
|
|
(68.2
|
)
|
|
—
|
|
|
(72.6
|
)
|
|
(72.6
|
)
|
|
—
|
|
||||||
Other
|
(119.8
|
)
|
|
(53.9
|
)
|
|
(53.4
|
)
|
|
(131.4
|
)
|
|
(54.9
|
)
|
|
(43.9
|
)
|
||||||
Total deferred tax liabilities
|
(3,468.4
|
)
|
|
(1,697.2
|
)
|
|
(1,289.9
|
)
|
|
(3,568.8
|
)
|
|
(1,708.7
|
)
|
|
(1,329.7
|
)
|
||||||
Net deferred income tax liabilities
|
$
|
(1,744.4
|
)
|
|
$
|
(817.7
|
)
|
|
$
|
(642.8
|
)
|
|
$
|
(1,599.2
|
)
|
|
$
|
(815.4
|
)
|
|
$
|
(631.8
|
)
|
|
|
Amount of Benefit
|
|
||||||||||
Year of Origin
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
||||||
|
|
(millions)
|
|
||||||||||
2000
|
|
$
|
7.3
|
|
|
$
|
7.3
|
|
|
$
|
—
|
|
|
2001
|
|
9.7
|
|
|
9.7
|
|
|
—
|
|
|
|||
2002
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2003
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2004
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2005
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2006
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2007
|
|
0.6
|
|
|
0.6
|
|
|
—
|
|
|
|||
2008
|
|
39.8
|
|
|
0.5
|
|
|
38.9
|
|
|
|||
2009
|
|
47.7
|
|
|
0.2
|
|
|
47.4
|
|
|
|||
2010
|
|
18.4
|
|
|
—
|
|
|
18.2
|
|
|
|||
2011
|
|
13.3
|
|
|
—
|
|
|
13.2
|
|
|
|||
2012
|
|
14.4
|
|
|
3.6
|
|
|
10.7
|
|
|
|||
2013
|
|
24.3
|
|
|
11.3
|
|
|
12.9
|
|
|
|||
2014
|
|
24.1
|
|
|
10.7
|
|
|
13.0
|
|
|
|||
2015
|
|
24.7
|
|
|
10.9
|
|
|
13.2
|
|
|
|||
2016
|
|
27.1
|
|
|
11.0
|
|
|
12.4
|
|
|
|||
2017
|
|
43.9
|
|
|
35.1
|
|
|
8.2
|
|
|
|||
2018
|
|
43.9
|
|
|
36.3
|
|
|
7.5
|
|
|
|||
2019
|
|
38.3
|
|
|
30.6
|
|
|
7.6
|
|
|
|||
|
|
$
|
379.0
|
|
|
$
|
168.8
|
|
|
$
|
203.2
|
|
|
|
|
Amount of Benefit
|
|
||||||||||
Year of Origin
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
||||||
|
|
(millions)
|
|
||||||||||
2005
|
|
$
|
19.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2006
|
|
32.0
|
|
|
—
|
|
|
—
|
|
|
|||
2014
|
|
2.8
|
|
|
0.2
|
|
|
0.9
|
|
|
|||
2015
|
|
58.8
|
|
|
—
|
|
|
55.3
|
|
|
|||
2016
|
|
4.6
|
|
|
—
|
|
|
—
|
|
|
|||
2017
|
|
15.1
|
|
|
12.1
|
|
|
—
|
|
|
|||
|
|
$
|
132.4
|
|
|
$
|
12.3
|
|
|
$
|
56.2
|
|
|
Year Ended December 31, 2019
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Finance lease costs
|
|
(millions)
|
||||||||||
Amortization of right-of-use assets
|
|
$
|
5.2
|
|
|
$
|
5.0
|
|
|
$
|
0.1
|
|
Interest on lease liabilities
|
|
2.9
|
|
|
2.7
|
|
|
0.1
|
|
|||
Operating lease costs
|
|
23.8
|
|
|
13.2
|
|
|
9.2
|
|
|||
Short-term lease costs
|
|
4.0
|
|
|
1.2
|
|
|
2.6
|
|
|||
Variable lease costs for renewable purchase power agreements
|
|
313.0
|
|
|
130.8
|
|
|
129.2
|
|
|||
Total lease costs
|
|
$
|
348.9
|
|
|
$
|
152.9
|
|
|
$
|
141.2
|
|
Year Ended December 31, 2019
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
(millions)
|
||||||||||
Operating cash flows from operating leases
|
$
|
21.7
|
|
|
$
|
13.7
|
|
|
$
|
9.9
|
|
Operating cash flows from finance leases
|
2.8
|
|
|
2.6
|
|
|
0.1
|
|
|||
Financing cash flows from finance leases
|
5.0
|
|
|
4.8
|
|
|
0.1
|
|
|||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
10.4
|
|
|
6.1
|
|
|
2.4
|
|
|||
Right-of-use assets obtained in exchange for new finance lease liabilities
|
8.3
|
|
|
8.3
|
|
|
—
|
|
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(millions)
|
||||||||||
2020
|
|
$
|
8.1
|
|
|
$
|
7.6
|
|
|
$
|
0.2
|
|
2021
|
|
7.4
|
|
|
7.0
|
|
|
0.2
|
|
|||
2022
|
|
6.7
|
|
|
6.2
|
|
|
0.2
|
|
|||
2023
|
|
5.8
|
|
|
5.4
|
|
|
0.2
|
|
|||
2024
|
|
4.7
|
|
|
4.3
|
|
|
0.2
|
|
|||
After 2024
|
|
46.2
|
|
|
44.6
|
|
|
0.9
|
|
|||
Total finance lease payments
|
|
78.9
|
|
|
75.1
|
|
|
1.9
|
|
|||
Amounts representing imputed interest
|
|
(26.1
|
)
|
|
(25.0
|
)
|
|
(0.5
|
)
|
|||
Present value of lease payments
|
|
52.8
|
|
|
50.1
|
|
|
1.4
|
|
|||
Less: current portion
|
|
(4.9
|
)
|
|
(4.7
|
)
|
|
(0.1
|
)
|
|||
Total long-term obligations under finance leases
|
|
$
|
47.9
|
|
|
$
|
45.4
|
|
|
$
|
1.3
|
|
|
|
|
|
|
|
|
||||||
Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets
|
|
$
|
302.8
|
|
|
$
|
43.5
|
|
|
$
|
1.4
|
|
|
|
|
|
|
|
|
||||||
Weighted-average remaining lease term (years)
|
|
14.3
|
|
|
14.6
|
|
|
8.7
|
|
|||
Weighted-average discount rate
|
|
5.6
|
%
|
|
5.5
|
%
|
|
7.6
|
%
|
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(millions)
|
||||||||||
2020
|
|
$
|
20.5
|
|
|
$
|
11.6
|
|
|
$
|
10.7
|
|
2021
|
|
17.0
|
|
|
8.6
|
|
|
10.1
|
|
|||
2022
|
|
14.1
|
|
|
6.4
|
|
|
9.3
|
|
|||
2023
|
|
11.0
|
|
|
3.8
|
|
|
8.8
|
|
|||
2024
|
|
9.2
|
|
|
2.3
|
|
|
8.5
|
|
|||
After 2024
|
|
44.7
|
|
|
1.5
|
|
|
82.8
|
|
|||
Total operating lease payments
|
|
116.5
|
|
|
34.2
|
|
|
130.2
|
|
|||
Amounts representing imputed interest
|
|
(18.5
|
)
|
|
(2.3
|
)
|
|
(35.4
|
)
|
|||
Present value of lease payments
|
|
98.0
|
|
|
31.9
|
|
|
94.8
|
|
|||
Less: current portion
|
|
(15.6
|
)
|
|
(9.1
|
)
|
|
(7.0
|
)
|
|||
Total long-term obligations under operating leases
|
|
$
|
82.4
|
|
|
$
|
22.8
|
|
|
$
|
87.8
|
|
|
|
|
|
|
|
|
||||||
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets
|
|
$
|
104.5
|
|
|
$
|
39.4
|
|
|
$
|
76.6
|
|
|
|
|
|
|
|
|
||||||
Weighted-average remaining lease term (years)
|
|
8.8
|
|
|
3.8
|
|
|
15.8
|
|
|||
Weighted-average discount rate
|
|
3.8
|
%
|
|
3.4
|
%
|
|
4.2
|
%
|
|
|
Quarter
|
||||||||||||||
Evergy
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2019
|
|
(millions, except per share amounts)
|
||||||||||||||
Operating revenue
|
|
$
|
1,216.9
|
|
|
$
|
1,221.7
|
|
|
$
|
1,577.6
|
|
|
$
|
1,131.6
|
|
Operating income
|
|
209.6
|
|
|
271.7
|
|
|
538.7
|
|
|
165.8
|
|
||||
Net income
|
|
103.4
|
|
|
144.6
|
|
|
370.9
|
|
|
66.7
|
|
||||
Net income attributable to Evergy, Inc.
|
|
99.5
|
|
|
139.7
|
|
|
366.8
|
|
|
63.9
|
|
||||
Basic and diluted earnings per common share
|
|
0.39
|
|
|
0.57
|
|
|
1.56
|
|
|
0.28
|
|
||||
2018
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
600.2
|
|
|
$
|
893.4
|
|
|
$
|
1,582.5
|
|
|
$
|
1,199.8
|
|
Operating income
|
|
123.5
|
|
|
126.9
|
|
|
533.1
|
|
|
150.1
|
|
||||
Net income
|
|
62.9
|
|
|
104.4
|
|
|
357.6
|
|
|
21.1
|
|
||||
Net income attributable to Evergy, Inc.
|
|
60.5
|
|
|
101.8
|
|
|
355.0
|
|
|
18.5
|
|
||||
Basic and diluted earnings per common share
|
|
0.42
|
|
|
0.56
|
|
|
1.32
|
|
|
0.07
|
|
|
|
Quarter
|
||||||||||||||
Evergy Kansas Central
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2019
|
|
(millions)
|
||||||||||||||
Operating revenue
|
|
$
|
596.8
|
|
|
$
|
585.5
|
|
|
$
|
749.0
|
|
|
$
|
576.1
|
|
Operating income
|
|
124.3
|
|
|
127.6
|
|
|
242.4
|
|
|
102.2
|
|
||||
Net income
|
|
68.3
|
|
|
67.2
|
|
|
168.2
|
|
|
55.4
|
|
||||
Net income attributable to Evergy Kansas Central, Inc.
|
|
64.4
|
|
|
62.3
|
|
|
164.1
|
|
|
52.6
|
|
||||
2018
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
600.2
|
|
|
$
|
650.9
|
|
|
$
|
764.8
|
|
|
$
|
599.0
|
|
Operating income
|
|
123.5
|
|
|
76.1
|
|
|
256.9
|
|
|
94.0
|
|
||||
Net income
|
|
62.9
|
|
|
77.6
|
|
|
178.0
|
|
|
30.6
|
|
||||
Net income attributable to Evergy Kansas Central, Inc.
|
|
60.5
|
|
|
75.0
|
|
|
175.4
|
|
|
28.0
|
|
|
|
Quarter
|
||||||||||||||
Evergy Metro
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2019
|
|
(millions)
|
||||||||||||||
Operating revenue
|
|
$
|
425.4
|
|
|
$
|
437.0
|
|
|
$
|
568.8
|
|
|
$
|
375.3
|
|
Operating income
|
|
56.9
|
|
|
101.9
|
|
|
215.5
|
|
|
52.2
|
|
||||
Net income
|
|
16.0
|
|
|
59.4
|
|
|
151.9
|
|
|
27.9
|
|
||||
2018
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
397.1
|
|
|
$
|
452.2
|
|
|
$
|
559.6
|
|
|
$
|
414.2
|
|
Operating income
|
|
61.0
|
|
|
114.7
|
|
|
189.4
|
|
|
44.7
|
|
||||
Net income (loss)
|
|
20.2
|
|
|
24.6
|
|
|
120.3
|
|
|
(2.2
|
)
|
•
|
Information regarding the directors of Evergy will be contained in the Proxy Statement section titled "Election of Directors."
|
•
|
If applicable, information regarding compliance with Section 16(a) of the Exchange Act will be contained in the Proxy Statement section titled "Security Ownership of Directors, Management and Beneficial Owners."
|
•
|
Information regarding the Audit Committee of Evergy will be contained in the Proxy Statement section titled "Board Structure - Committees of the Board."
|
•
|
Information regarding Evergy's Code of Ethics will be contained in the Proxy Statement section titled "Corporate Governance - Code of Ethics."
|
|
|
|
|
|
|
|
|
|
Number of securities
|
||||||
|
Number of
|
|
|
|
|
|
remaining available
|
||||||||
|
securities
|
|
|
|
|
|
for future issuance
|
||||||||
|
to be issued upon
|
|
Weighted-average
|
|
under equity
|
||||||||||
|
exercise of
|
|
exercise price of
|
|
compensation plans
|
||||||||||
|
outstanding options,
|
|
outstanding options,
|
|
(excluding securities
|
||||||||||
|
warrants and rights
|
|
warrants and rights
|
|
reflected in column (a))
|
||||||||||
Plan Category
|
(a)
|
|
(b)
|
|
(c)
|
||||||||||
Equity compensation plans approved by security holders (1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Evergy Long-Term Incentive Plan
|
|
673,320
|
|
(2)
|
|
|
$
|
—
|
|
(3)
|
|
|
1,937,404
|
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Total
|
|
673,320
|
|
(2)
|
|
|
$
|
—
|
|
(3)
|
|
|
1,937,404
|
|
|
Evergy Kansas Central
|
2019
|
2018
|
||||
Fee Category
|
|
|
||||
Audit Fees
|
$
|
2,044,100
|
|
$
|
2,168,000
|
|
Audit-Related Fees
|
24,000
|
|
40,000
|
|
||
Tax Fees
|
—
|
|
—
|
|
||
All Other Fees
|
—
|
|
—
|
|
||
Total Fees
|
$
|
2,068,100
|
|
$
|
2,208,000
|
|
Evergy Metro
|
2019
|
2018
|
||||
Fee Category
|
|
|
||||
Audit Fees
|
$
|
1,503,000
|
|
$
|
1,801,396
|
|
Audit-Related Fees
|
24,000
|
|
23,000
|
|
||
Tax Fees
|
—
|
|
34,765
|
|
||
All Other Fees
|
—
|
|
—
|
|
||
Total Fees
|
$
|
1,527,000
|
|
$
|
1,859,161
|
|
Evergy, Inc.
|
Page No.
|
|
|
|
|
a.
|
||
|
|
|
b.
|
||
|
|
|
c.
|
||
|
|
|
d.
|
||
|
|
|
e.
|
||
|
|
|
f.
|
||
|
|
|
Evergy Kansas Central, Inc.
|
|
|
|
|
|
g.
|
|
|
|
h.
|
||
|
|
|
i.
|
||
|
|
|
j.
|
||
|
|
|
k.
|
||
|
|
|
l.
|
||
|
|
|
Evergy Metro, Inc.
|
|
|
|
|
|
m.
|
||
|
|
|
n.
|
||
|
|
|
o.
|
||
|
|
|
p.
|
||
|
|
|
q.
|
||
|
|
|
r.
|
||
|
|
|
|
Evergy, Inc.
|
|
|
|
|
a.
|
||
|
|
|
b.
|
||
|
|
|
|
Evergy Kansas Central, Inc.
|
|
c.
|
||
|
|
|
|
Evergy Metro, Inc.
|
|
|
|
|
d.
|
||
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Registrant
|
|
|
|
|
|
2.1
|
*∆
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
2.2
|
*∆
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
3.1
|
*
|
|
Evergy
|
|
|
|
|
|
|
3.2
|
*
|
|
Evergy
|
|
|
|
|
|
|
3.3
|
*
|
|
Evergy Metro
|
|
|
|
|
|
|
3.4
|
*
|
|
Evergy Metro
|
|
|
|
|
|
|
3.5
|
*
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
3.6
|
*
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
4.1
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.2
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.3
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.4
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.5
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.6
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.7
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.8
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.9
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.10
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.11
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.12
|
*
|
|
Evergy
|
|
|
|
|
|
4.13
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.14
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.15
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.16
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.17
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.18
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.19
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.20
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.21
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.22
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.23
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.24
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.25
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.26
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.27
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.28
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.29
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.30
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.31
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.32
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.33
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.34
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.35
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.36
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.37
|
*
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
4.38
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.39
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.40
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.41
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.42
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.43
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.44
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.45
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.46
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.47
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.48
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.49
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.50
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
4.51
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.52
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.53
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.54
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.55
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.56
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.57
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.58
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.59
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.60
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.61
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
4.62
|
|
|
Evergy
Evergy Kansas Central
Evergy Metro
|
|
|
|
|
|
|
10.1
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.2
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.3
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.4
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.5
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.6
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.7
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.8
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
10.9
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.10
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.11
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.12
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.13
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.14
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.15
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.16
|
*+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.17
|
*+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.18
|
*+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.19
|
+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.20
|
+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.21
|
*+
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
10.22
|
*+
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
10.23
|
*+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.24
|
+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.25
|
*+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.26
|
*+
|
|
Evergy
Evergy Metro |
|
|
|
|
|
|
10.27
|
*+
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
10.28
|
*+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.29
|
*+
|
|
Evergy
|
|
|
|
|
|
|
10.30
|
*+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.31
|
*+
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
10.32
|
*+
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
10.33
|
*+
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
10.34
|
*+
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.35
|
*+
|
|
Evergy
|
|
|
|
|
|
|
10.36
|
*
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.37
|
*
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
|
10.38
|
*
|
|
Evergy
|
|
|
|
|
|
|
10.39
|
*
|
|
Evergy
|
|
|
|
|
|
|
21.1
|
|
|
Evergy
Evergy Kansas Central
|
|
|
|
|
|
|
23.1
|
|
|
Evergy
|
|
|
|
|
|
23.2
|
|
|
Evergy Metro
|
|
|
|
|
|
|
23.3
|
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
24.1
|
|
|
Evergy
|
|
|
|
|
|
|
24.2
|
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
24.3
|
|
|
Evergy Metro
|
|
|
|
|
|
|
31.1
|
|
|
Evergy
|
|
|
|
|
|
|
31.2
|
|
|
Evergy
|
|
|
|
|
|
|
31.3
|
|
|
Evergy Metro
|
|
|
|
|
|
|
31.4
|
|
|
Evergy Metro
|
|
|
|
|
|
|
31.5
|
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
31.6
|
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
32.1
|
**
|
|
Evergy
|
|
|
|
|
|
|
32.2
|
**
|
|
Evergy Metro
|
|
|
|
|
|
|
32.3
|
**
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
101.INS
|
***
|
XBRL Instance Document.
|
|
n/a
|
|
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Labels Linkbase Document.
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
|
|
|
|
|
104
|
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
|
Evergy
Evergy Metro
Evergy Kansas Central
|
EVERGY, INC.
|
|||||||
Statements of Income of Parent Company
|
|||||||
|
|
|
|
||||
|
2019
|
|
Period from June 4, 2018 through
December 31, 2018 |
||||
OPERATING EXPENSES:
|
(millions)
|
||||||
Operating and maintenance
|
$
|
19.4
|
|
|
$
|
54.6
|
|
Total Operating Expenses
|
19.4
|
|
|
54.6
|
|
||
INCOME FROM OPERATIONS
|
(19.4
|
)
|
|
(54.6
|
)
|
||
OTHER INCOME (EXPENSE)
|
|
|
|
||||
Equity in earnings from subsidiaries
|
698.2
|
|
|
364.7
|
|
||
Investment earnings
|
32.7
|
|
|
26.3
|
|
||
Other expense
|
(0.1
|
)
|
|
(2.6
|
)
|
||
Total Other Income, Net
|
730.8
|
|
|
388.4
|
|
||
Interest expense
|
60.7
|
|
|
19.6
|
|
||
INCOME BEFORE INCOME TAXES
|
650.7
|
|
|
314.2
|
|
||
Income tax benefit
|
(13.7
|
)
|
|
(10.7
|
)
|
||
NET INCOME
|
$
|
664.4
|
|
|
$
|
324.9
|
|
COMPREHENSIVE INCOME
|
|
|
|
||||
NET INCOME
|
$
|
664.4
|
|
|
$
|
324.9
|
|
OTHER COMPREHENSIVE INCOME
|
|
|
|
||||
Derivative hedging activity
|
|
|
|
|
|
||
Loss on derivative hedging instruments
|
(64.4
|
)
|
|
(5.4
|
)
|
||
Income tax benefit
|
16.5
|
|
|
1.4
|
|
||
Net loss on derivative hedging instruments
|
(47.9
|
)
|
|
(4.0
|
)
|
||
Reclassification to expenses, net of taxes
|
1.5
|
|
|
—
|
|
||
Derivative hedging activity, net of tax
|
(46.4
|
)
|
|
(4.0
|
)
|
||
Other comprehensive income from subsidiaries, net
|
(0.6
|
)
|
|
1.0
|
|
||
Total other comprehensive loss
|
(47.0
|
)
|
|
(3.0
|
)
|
||
COMPREHENSIVE INCOME
|
$
|
617.4
|
|
|
$
|
321.9
|
|
EVERGY, INC.
|
|||||||
Balance Sheets of Parent Company
|
|||||||
|
December 31
|
||||||
|
2019
|
2018
|
|||||
ASSETS
|
(millions, except share amounts)
|
||||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
11.6
|
|
|
$
|
107.1
|
|
Accounts receivable from subsidiaries
|
24.5
|
|
|
35.2
|
|
||
Notes receivable from subsidiaries
|
2.0
|
|
|
2.0
|
|
||
Income taxes receivable
|
8.0
|
|
|
0.2
|
|
||
Prepaid expenses and other assets
|
2.4
|
|
|
2.0
|
|
||
Total Current Assets
|
48.5
|
|
|
146.5
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
||
Investment in subsidiaries
|
10,023.1
|
|
|
9,785.6
|
|
||
Note receivable from subsidiaries
|
634.9
|
|
|
634.9
|
|
||
Deferred income taxes
|
34.2
|
|
|
36.3
|
|
||
Other
|
0.9
|
|
|
1.1
|
|
||
Total Other Assets
|
10,693.1
|
|
|
10,457.9
|
|
||
TOTAL ASSETS
|
$
|
10,741.6
|
|
|
$
|
10,604.4
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Notes payable
|
$
|
20.0
|
|
|
$
|
—
|
|
Accounts payable to subsidiaries
|
13.1
|
|
|
28.1
|
|
||
Accrued interest
|
14.6
|
|
|
2.1
|
|
||
Derivative instruments
|
—
|
|
|
5.4
|
|
||
Other
|
8.1
|
|
|
6.3
|
|
||
Total Current Liabilities
|
55.8
|
|
|
41.9
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
||||
Long-term debt, net
|
2,223.7
|
|
|
638.1
|
|
||
Other
|
16.9
|
|
|
17.6
|
|
||
Total Long-Term Liabilities
|
2,240.6
|
|
|
655.7
|
|
||
Commitments and Contingencies (Note 15)
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
||
Evergy, Inc. Shareholders' Equity:
|
|
|
|
|
|
||
Common stock - 600,000,000 shares authorized, without par value, 226,641,443 shares issued
|
7,053.7
|
|
|
8,668.3
|
|
||
Retained earnings
|
1,441.5
|
|
|
1,241.5
|
|
||
Accumulated other comprehensive loss
|
(50.0
|
)
|
|
(3.0
|
)
|
||
Total shareholders' equity
|
8,445.2
|
|
|
9,906.8
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
10,741.6
|
|
|
10,604.4
|
|
EVERGY, INC.
|
|||||||
Statements of Cash Flows of Parent Company
|
|||||||
|
|
|
|
||||
|
2019
|
|
Period from June 4, 2018 through
December 31, 2018 |
||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||
Net income
|
$
|
664.4
|
|
|
$
|
324.9
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
||||
Non-cash compensation
|
16.3
|
|
|
10.0
|
|
||
Net deferred income taxes and credits
|
21.4
|
|
|
(6.3
|
)
|
||
Equity in earnings from subsidiaries
|
(698.2
|
)
|
|
(364.7
|
)
|
||
Other
|
2.1
|
|
|
—
|
|
||
Changes in working capital items:
|
|
|
|
||||
Accounts receivable from subsidiaries
|
8.9
|
|
|
(8.5
|
)
|
||
Income taxes receivable
|
(7.8
|
)
|
|
(0.2
|
)
|
||
Prepaid expenses and other current assets
|
(0.1
|
)
|
|
(1.0
|
)
|
||
Accounts payable to subsidiaries
|
(15.0
|
)
|
|
4.7
|
|
||
Accrued taxes
|
—
|
|
|
(35.2
|
)
|
||
Accrued interest
|
12.5
|
|
|
(13.6
|
)
|
||
Other current liabilities
|
1.7
|
|
|
2.4
|
|
||
Cash dividends from subsidiaries
|
460.0
|
|
|
236.0
|
|
||
Changes in other assets
|
0.2
|
|
|
0.1
|
|
||
Changes in other liabilities
|
(3.5
|
)
|
|
20.0
|
|
||
Cash Flows from Operating Activities
|
462.9
|
|
|
168.6
|
|
||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
||||
Cash acquired from the merger with Great Plains Energy
|
—
|
|
|
1,142.2
|
|
||
Proceeds from interest rate swap
|
—
|
|
|
140.6
|
|
||
Cash Flows from Investing Activities
|
—
|
|
|
1,282.8
|
|
||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
||||
Short term debt, net
|
20.0
|
|
|
(56.1
|
)
|
||
Proceeds from long-term debt
|
1,585.0
|
|
|
—
|
|
||
Payment for settlement of interest rate swap accounted for as a cash flow hedge
|
(69.8
|
)
|
|
—
|
|
||
Cash dividends paid
|
(462.5
|
)
|
|
(245.9
|
)
|
||
Repurchase of common stock
|
(1,628.7
|
)
|
|
(1,042.3
|
)
|
||
Other financing activities
|
(2.4
|
)
|
|
—
|
|
||
Cash Flows used in Financing Activities
|
(558.4
|
)
|
|
(1,344.3
|
)
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
(95.5
|
)
|
|
107.1
|
|
||
CASH AND CASH EQUIVALENTS:
|
|
|
|
||||
Beginning of period
|
107.1
|
|
|
—
|
|
||
End of period
|
$
|
11.6
|
|
|
$
|
107.1
|
|
Evergy, Inc.
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2019, 2018 and 2017
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2019
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
9.2
|
|
|
|
$
|
27.2
|
|
|
|
$
|
12.4
|
|
(a)
|
|
$
|
38.3
|
|
(b)
|
|
$
|
10.5
|
|
|
Tax valuation allowance
|
|
27.3
|
|
|
|
0.6
|
|
|
|
—
|
|
|
|
10.4
|
|
(c)
|
|
17.5
|
|
|
|||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.7
|
|
|
|
$
|
20.7
|
|
|
|
$
|
16.9
|
|
(e)
|
|
$
|
35.1
|
|
(b)
|
|
$
|
9.2
|
|
|
Tax valuation allowance
|
|
—
|
|
|
|
2.2
|
|
|
|
26.8
|
|
(d)
|
|
1.7
|
|
(c)
|
|
27.3
|
|
|
|||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.7
|
|
|
|
$
|
10.5
|
|
|
|
$
|
7.0
|
|
(a)
|
|
$
|
17.5
|
|
(b)
|
|
$
|
6.7
|
|
|
Evergy Kansas Central, Inc.
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2019, 2018 and 2017
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2019
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
3.9
|
|
|
|
$
|
7.2
|
|
|
|
$
|
3.4
|
|
(a)
|
|
$
|
10.7
|
|
(b)
|
|
$
|
3.8
|
|
|
Tax valuation allowance
|
|
1.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.7
|
|
(c)
|
|
—
|
|
|
|||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.7
|
|
|
|
$
|
9.0
|
|
|
|
$
|
7.4
|
|
(a)
|
|
$
|
19.2
|
|
(b)
|
|
$
|
3.9
|
|
|
Tax valuation allowance
|
|
—
|
|
|
|
1.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.7
|
|
|
|||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.7
|
|
|
|
$
|
10.5
|
|
|
|
$
|
7.0
|
|
(a)
|
|
$
|
17.5
|
|
(b)
|
|
$
|
6.7
|
|
|
Evergy Metro, Inc.
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2019, 2018 and 2017
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2019
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
3.8
|
|
|
|
$
|
13.7
|
|
|
|
$
|
6.3
|
|
(a)
|
|
$
|
19.2
|
|
(b)
|
|
$
|
4.6
|
|
|
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
2.2
|
|
|
|
$
|
13.1
|
|
|
|
$
|
4.4
|
|
(a)
|
|
$
|
15.9
|
|
(b)
|
|
$
|
3.8
|
|
|
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
1.8
|
|
|
|
$
|
7.5
|
|
|
|
$
|
5.6
|
|
(a)
|
|
$
|
12.7
|
|
(b)
|
|
$
|
2.2
|
|
|
Tax valuation allowance
|
|
—
|
|
|
|
1.2
|
|
|
|
—
|
|
|
|
1.2
|
|
(c)
|
|
—
|
|
|
|
EVERGY, INC.
|
|
|
|
|
Date: March 2, 2020
|
By: /s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
Director, President and Chief Executive Officer
|
)
|
March 2, 2020
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ Anthony D. Somma
|
Executive Vice President and Chief Financial Officer
|
)
|
|
Anthony D. Somma
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Risk Management and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
Mark A. Ruelle*
|
Chairman of the Board of Directors
|
)
|
|
|
|
)
|
|
Mollie Hale Carter*
|
Director
|
)
|
|
|
|
)
|
|
Charles Q. Chandler IV*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Richard L. Hawley*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
B. Anthony Isaac*
|
Director
|
)
|
|
|
|
)
|
|
Sandra A.J. Lawrence*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
Sandra J. Price*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
|
|
)
|
|
S. Carl Soderstrom Jr.*
|
Director
|
)
|
|
|
|
)
|
|
John Arthur Stall*
|
Director
|
)
|
|
EVERGY KANSAS CENTRAL, INC.
|
|
|
|
|
Date: March 2, 2020
|
By: /s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
Director, President and Chief Executive Officer
|
)
|
March 2, 2020
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ Anthony D. Somma
|
Executive Vice President and Chief Financial Officer
|
)
|
|
Anthony D. Somma
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Risk Management and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
Mark A. Ruelle*
|
Chairman of the Board of Directors
|
)
|
|
|
|
)
|
|
Mollie Hale Carter*
|
Director
|
)
|
|
|
|
)
|
|
Charles Q. Chandler IV*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Richard L. Hawley*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
B. Anthony Isaac*
|
Director
|
)
|
|
|
|
)
|
|
Sandra A.J. Lawrence*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
Sandra J. Price*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
|
|
)
|
|
S. Carl Soderstrom Jr.*
|
Director
|
)
|
|
|
|
)
|
|
John Arthur Stall*
|
Director
|
)
|
|
EVERGY METRO, INC.
|
|
|
|
|
Date: March 2, 2020
|
By: /s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
Director, President and Chief Executive Officer
|
)
|
March 2, 2020
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ Anthony D. Somma
|
Executive Vice President and Chief Financial Officer
|
)
|
|
Anthony D. Somma
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Risk Management and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
Mark A. Ruelle*
|
Chairman of the Board of Directors
|
)
|
|
|
|
)
|
|
Mollie Hale Carter*
|
Director
|
)
|
|
|
|
)
|
|
Charles Q. Chandler IV*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Richard L. Hawley*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
B. Anthony Isaac*
|
Director
|
)
|
|
|
|
)
|
|
Sandra A.J. Lawrence*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
Sandra J. Price*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
|
|
)
|
|
S. Carl Soderstrom Jr.*
|
Director
|
)
|
|
|
|
)
|
|
John Arthur Stall*
|
Director
|
)
|
•
|
12,000,000 shares of preference stock without par value (“Preference Stock”); and
|
•
|
600,000,000 shares of common stock without par value (“Common Stock”).
|
•
|
the business combination shall have been approved by a majority of the continuing directors; or
|
•
|
the cash or the fair market value of the property, securities, or other consideration to be received per share by holders of the Common Stock in such business combination is not less than the highest per share price paid by or on behalf of the interested shareholder for any shares of Common Stock during the five-year period preceding the announcement of the business combination.
|
•
|
the business combination shall have been approved by a majority of the continuing directors; or
|
•
|
the cash or the fair market value of the property, securities, or other consideration to be received per share by holders of the Common Stock in such business combination is not less than the highest per share price paid by or on behalf of the interested shareholder for any shares of Common Stock during the five-year period preceding the announcement of the business combination.
|
1.
|
Restricted Stock Unit Award. The Company hereby grants to Grantee an Award of [Number] Restricted Stock Units (the “RSUs”). Each RSU represents the right to receive one Share, subject to the terms and conditions set forth in this Agreement and the Plan, the terms and conditions of which are incorporated herein by reference.
|
2.
|
Terms and Conditions. In addition to the terms and conditions in the Plan, this Award of RSUs is subject to the following terms and conditions:
|
a.
|
Grant of RSUs. The RSUs granted hereunder shall be credited to Grantee’s RSU Account as of the Grant Date. The RSU Account shall be maintained for recordkeeping purposes only and the Company shall not be obligated to segregate or set aside assets representing securities or other amounts credited to Grantee’s RSU Account. All amounts credited to the RSU Account shall continue for all purposes to be part of the general assets of the Company.
|
b.
|
Vesting of RSUs. The RSUs will vest on the third anniversary of the Grant Date (the “Vesting Date”), provided that Grantee remains continuously employed by the Company or one of its Subsidiaries (except as provided in paragraph 2.c and 2.d of this Agreement) during the entire period that begins on the Grant Date and ends on the Vesting Date (the “Restricted Period”). The number of RSUs that vest on the Vesting Date will be determined in the manner described in Appendix A.
|
c.
|
Termination of Employment during the Restricted Period for Death or Disability. If Grantee experiences a termination of employment on account of Grantee’s death or Disability before the end of the Restricted Period, then as of the date of Grantee’s termination of employment, that number of RSUs (and Dividend Equivalents) which would have vested if the target level of goal achievement for the Restricted Period had been met shall vest.
|
d.
|
Termination of Employment during the Restricted Period for Retirement. If Grantee experiences a termination of employment on account of Grantee’s Retirement (as defined below) before the end of the Restricted Period, no immediate vesting shall occur at the time of Grantee’s Retirement but, following the end of the Restricted Period, a pro rata portion of the number of RSUs (and Dividend Equivalents) that would have vested if Grantee had not separated from service and based on the actual level of goal achievement during the Restricted Period shall vest. Such pro rata portion shall be determined by multiplying (i) the number of RSUs that would have vested on the Vesting Date if Grantee had not experienced a termination of employment by (ii) a fraction, the numerator of which is the total number of days from the Grant Date to the Grantee’s Retirement, and the denominator of which is the total number of days between the Grant Date and the Vesting Date. For purposes of this Agreement, “Retirement” means Grantee’s separation from service after (i) attainment of the age of 60 and having 10 years of service with the Company or its Subsidiaries, and (ii) Grantee having provided a minimum of six-months’ advance notice to the Company of Grantee’s Retirement.
|
e.
|
Limits on Transfer of RSUs. Subject to any exceptions set forth in the Plan, during the Restricted Period and until such time as the RSUs are settled in accordance with the terms of this Agreement, neither the RSUs nor any rights relating thereto may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the RSUs or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the RSUs will be immediately forfeited by Grantee and all of Grantee’s rights to the RSUs shall immediately terminate without any payment, settlement, or consideration by the Company.
|
f.
|
No Rights as a Shareholder until RSUs Settled. Grantee shall not have any rights of a shareholder with respect to the Shares underlying the RSUs unless and until the RSUs vest and are settled by the issuance of Shares.
|
g.
|
Dividend Equivalents. Each RSU that becomes vested pursuant to this Agreement includes the right to receive dividend equivalents in an amount equal to the amount of the cash dividends that Grantee would have received if Grantee owned that number Shares represented by the vested RSUs during the Restricted Period and before the RSUs were settled. These dividend equivalents, if any, shall be accrued and paid to Grantee in cash, less taxes, at the time the RSUs are settled in accordance with paragraph 2.h. below. If, during the Restricted Period, the Company declares a stock dividend on Shares, then the Grantee may be eligible for additional Shares at the time the RSUs are settled in accordance with paragraph 2.h.
|
h.
|
Settlement of RSUs. No later than 30 days after the earlier of (i) the Vesting Date or (ii) Grantee’s termination of employment due to death or Disability, the Company shall issue and deliver to Grantee, or in the event of Grantee’s death the beneficiary designated in writing by Grantee in accordance with instructions provided by the Company (or in the event Grantee has not designated a beneficiary, Grantee’s estate), a number of Shares equal to the aggregate number of vested RSUs (with any fractional Share underlying the vested RSUs on the settlement date being settled by delivering to Grantee a cash payment equal to the closing price of a Share on the trading date immediately preceding the Vesting Date or the date of Grantee’s termination of employment, as applicable, multiplied by the number of fractional vested RSUs) then credited to Grantee’s RSU Account. The Committee may, in its sole discretion, settle any vested RSUs by delivering to Grantee (or Grantee’s beneficiary or estate in the event of Grantee’s death) an amount of cash equal to the closing price of a Share on the trading date immediately preceding the Vesting Date or the date of Grantee’s termination of employment, as applicable, multiplied by the number of vested RSUs (and any fraction thereof) held by Grantee.
|
i.
|
Tax Withholding on RSU Settlement. No Shares will be delivered under this Agreement until either (i) Grantee has paid to the Company the amount that must be withheld under federal, state and local income and employment tax laws or (ii) Grantee and the Company have made satisfactory provision for the payment of such taxes. Unless otherwise not permitted by the Committee (which may disallow Share withholding at any time) or contrary to an election Grantee submitted to the Company in accordance with established Company policy, the Company shall first withhold such taxes from the Shares (valued at their Fair Market Value) otherwise eligible to be delivered under this Award, if any.
|
j.
|
280G Best Net. Notwithstanding anything in this Agreement to the contrary, in the event that (A) there is a Change in Control, and (B) the receipt of all payments, distributions or benefits (including, without limitation, accelerated vesting of the RSUs) by the Company in the nature of compensation to or for Grantee’s benefit, whether paid or payable pursuant to this Agreement or otherwise (a “Payment”), would subject Grantee to the excise tax under Section 4999 of the Code by virtue of Section 280G of the Code, the Company shall reduce the number of RSUs which become vested on account of the Change in Control if such reduction would result in Grantee having a greater net after-tax Payment than if such RSUs were not reduced and the Payment, or any portion thereof, is subjected to the excise tax under Section 4999 of the Code.
|
k.
|
Clawback. The Company will, to the full extent permitted by law, have the discretion based on the particular facts and circumstances to require that the Grantee reimburse the Company for all or any portion of any Awards if and to the
|
3.
|
Amendment. This Agreement may be amended only in the manner provided by the Company evidencing both parties’ agreement to the amendment. This Agreement may also be amended, without prior notice to Grantee and without Grantee’s consent before any Change in Control by the Committee if the Committee in good faith determines the amendment does not materially adversely affect any of Grantee’s rights under this Agreement.
|
4.
|
Entire Agreement. This Agreement contains the entire agreement between Grantee and the Company with respect to the subject matter hereof and supersedes all prior agreements or understandings between the parties relating thereto.
|
EVERGY, INC.
|
|
|
|
|
|
|
|
By: _____________________________
|
|
|
By: _____________________________
|
|
|
|
[GRANTEE]
|
|
|
|
|
|
|
|
Date: ___________________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Objectives
|
Threshold
(50%)
|
Target
(100%)
|
Stretch
(150%)
|
Superior
(200%)
|
|
Relative Total Shareholder Return (TSR) versus
EEI Index1 (Interpolation application)
|
30th
Percentile
|
50th
Percentile
|
70th
Percentile
|
90th
Percentile
|
Total Shareholder Return =
|
Ending Stock Price minus Beginning Stock Price plus Dividends Paid, divided by Beginning Stock Price.
|
1.
|
Restricted Stock Unit Award. The Company hereby grants to Grantee an Award of [Number] Restricted Stock Units (the “RSUs”). Each RSU represents the right to receive one Share, subject to the terms and conditions set forth in this Agreement and the Plan, the terms and conditions of which are incorporated herein by reference.
|
2.
|
Terms and Conditions. In addition to the terms and conditions in the Plan, this Award of RSUs is subject to the following terms and conditions:
|
a.
|
Grant of RSUs. The RSUs granted hereunder shall be credited to Grantee’s RSU Account as of the Grant Date. The RSU Account shall be maintained for recordkeeping purposes only and the Company shall not be obligated to segregate or set aside assets representing securities or other amounts credited to Grantee’s RSU Account. All amounts credited to the RSU Account shall continue for all purposes to be part of the general assets of the Company.
|
b.
|
Vesting of RSUs. The RSUs will vest on the third anniversary of the Grant Date (the “Vesting Date”), provided that Grantee remains continuously employed by the Company or one of its Subsidiaries (except as provided in paragraph 2.c and 2.d of this Agreement) during the entire period that begins on the Grant Date and ends on the Vesting Date (the “Restricted Period”).
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c.
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Termination of Employment during the Restricted Period for Death or Disability. If Grantee experiences a termination of employment on account of Grantee’s death or Disability before the end of the Restricted Period, then as of the date of Grantee’s termination of employment, the unvested RSUs (and Dividend Equivalents) shall vest.
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d.
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Termination of Employment during the Restricted Period for Retirement. If Grantee experiences a termination of employment on account of Grantee’s Retirement (as defined below) before the end of the Restricted Period, no immediate vesting shall occur at the time of Grantee’s Retirement but, following the end of the Restricted Period, a pro rata portion of the RSUs (and Dividend Equivalents) shall vest. Such pro rata portion shall be determined by multiplying (i) the number of RSUs by (ii) a fraction, the numerator of which is the total number of days from the Grant Date to the Grantee’s Retirement, and the denominator of which is the total number of days between the Grant Date and the Vesting Date. For purposes of this Agreement, “Retirement” means Grantee’s separation from service after (i) attainment of the age of 60 and having 10 years of service with the Company or its Subsidiaries, and (ii) Grantee having provided a minimum of six-months’ advance notice to the Company of Grantee’s Retirement.
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e.
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Limits on Transfer of RSUs. Subject to any exceptions set forth in the Plan, during the Restricted Period and until such time as the RSUs are settled in accordance with the terms of this Agreement, neither the RSUs nor any rights relating thereto may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the RSUs or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the RSUs will be immediately forfeited by Grantee and all of Grantee’s rights to the RSUs shall immediately terminate without any payment, settlement, or consideration by the Company.
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f.
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No Rights as a Shareholder until RSUs Settled. Grantee shall not have any rights of a shareholder with respect to the Shares underlying the RSUs unless and until the RSUs vest and are settled by the issuance of Shares.
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g.
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Dividend Equivalents. If during the Restricted Period the Company declares a cash dividend on Shares, then, as of any dividend payment date, Grantee shall receive an additional number of RSUs (including fractional RSUs), which shall be credited to the RSU Account, equal to the quotient obtained by dividing the aggregate cash amount that would have been paid as dividends if each RSU then credited to the RSU Account on the dividend payment date were a Share, by the closing price of a Share on the trading date immediately preceding the dividend payment date. Any additional RSU credited to the Grantee’s RSU Account under this Section 2.g. shall be subject to the same vesting and forfeiture conditions as the original RSUs granted on the Grant Date and shall be settled, if at all, on the Vesting Date. If, during the Restricted Period, the Company declares a stock dividend on Shares, then the Grantee may be eligible for additional Shares on the Vesting Date (or earlier as determined by the Committee) based on the number of RSUs credited to the Grantee’s RSU Account in accordance with Section 16.H of the Plan.
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h.
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Settlement of RSUs. No later than 30 days after the earlier of (i) the Vesting Date or (ii) Grantee’s termination of employment due to death or Disability, the Company shall issue and deliver to Grantee, or in the event of Grantee’s death the beneficiary designated in writing by Grantee in accordance with instructions provided by the Company (or in the event Grantee has not designated a beneficiary, Grantee’s estate), a number of Shares equal to the aggregate number of vested RSUs (with any fractional Share underlying the vested RSUs on the settlement date being settled by delivering to Grantee a cash payment equal to the closing price of a Share on the trading date immediately preceding the Vesting Date or the date of Grantee’s termination of employment, as applicable, multiplied by the number of fractional vested RSUs) then credited to Grantee’s RSU Account. The Committee may, in its sole discretion, settle any vested RSUs by delivering to Grantee (or Grantee’s beneficiary or estate in the event of Grantee’s death) an amount of cash equal to the closing price of a Share on the trading date immediately preceding the Vesting Date or the date of Grantee’s termination of employment, as applicable, multiplied by the number of vested RSUs (and any fraction thereof) held by Grantee.
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i.
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Tax Withholding on RSU Settlement. No Shares will be delivered under this Agreement until either (i) Grantee has paid to the Company the amount that must be withheld under federal, state and local income and employment tax laws or (ii) Grantee and the Company have made satisfactory provision for the payment of such taxes. Unless otherwise not permitted by the Committee (which may disallow Share withholding at any time) or contrary to an election Grantee submitted to the Company in accordance with established Company policy, the Company shall first withhold such taxes from the Shares (valued at their Fair Market Value) otherwise eligible to be delivered under this Award, if any.
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j.
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280G Best Net. Notwithstanding anything in this Agreement to the contrary, in the event that (A) there is a Change in Control, and (B) the receipt of all payments, distributions or benefits (including, without limitation, accelerated vesting of the RSUs) by the Company in the nature of compensation to or for Grantee’s benefit, whether paid or payable pursuant to this Agreement or otherwise (a “Payment”), would subject Grantee to the excise tax under Section 4999 of the Code by virtue of Section 280G of the Code, the Company shall reduce the number of RSUs which become vested on account of the Change in Control if such reduction would result in Grantee having a greater net after-tax Payment than if such RSUs were not reduced and the Payment, or any portion thereof, is subjected to the excise tax under Section 4999 of the Code.
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k.
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Clawback. The Company will, to the full extent permitted by law, have the discretion based on the particular facts and circumstances to require that the Grantee reimburse the Company for all or any portion of any Awards if and to the extent the Awards reflected the achievement of financial results that were subsequently the subject of a restatement, or the achievement of other objectives that were subsequently found to be inaccurately measured, and a lower Award would have occurred based upon the restated financial results or accurately measured objectives. The Company may, in its discretion, (i) seek repayment from the Grantee; (ii) reduce the amount that would otherwise be payable to the Grantee under current or future Awards; (iii)
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3.
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Amendment. This Agreement may be amended only in the manner provided by the Company evidencing both parties’ agreement to the amendment. This Agreement may also be amended, without prior notice to Grantee and without Grantee’s consent before any Change in Control by the Committee if the Committee in good faith determines the amendment does not materially adversely affect any of Grantee’s rights under this Agreement.
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4.
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Entire Agreement. This Agreement contains the entire agreement between Grantee and the Company with respect to the subject matter hereof and supersedes all prior agreements or understandings between the parties relating thereto.
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EVERGY, INC.
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By: _____________________________
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By: _____________________________
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[GRANTEE]
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Date: ___________________________
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Name of Company
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State of Incorporation
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Evergy Metro, Inc.
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Missouri
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Evergy Missouri West, Inc.
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Delaware
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Evergy Kansas Central, Inc.
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Kansas
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Evergy Kansas South, Inc. (2)
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Kansas
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/s/ Terry Bassham
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Terry Bassham
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/s/ Mark A. Ruelle
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Mark A. Ruelle
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/s/ Mollie H. Carter
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Mollie H. Carter
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/s/ Charles Q. Chandler, IV
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Charles Q. Chandler, IV
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/s/ Gary D. Forsee
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Gary D. Forsee
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/s/ Scott D. Grimes
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Scott D. Grimes
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/s/ Richard L. Hawley
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Richard L. Hawley
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/s/ Thomas D. Hyde
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Thomas D. Hyde
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/s/ B. Anthony Isaac
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B. Anthony Isaac
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/s/ Sandra A.J. Lawrence
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Sandra A.J. Lawrence
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/s/ Ann D. Murtlow
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Ann D. Murtlow
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/s/ Sandra J. Price
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Sandra J. Price
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/s/ John J. Sherman
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John J. Sherman
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/s/ S. Carl Soderstrom, Jr.
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S. Carl Soderstrom, Jr.
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/s/ John A. Stall
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John A. Stall
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/s/ Terry Bassham
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Terry Bassham
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/s/ Mark A. Ruelle
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Mark A. Ruelle
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/s/ Mollie H. Carter
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Mollie H. Carter
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/s/ Charles Q. Chandler, IV
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Charles Q. Chandler, IV
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/s/ Gary D. Forsee
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Gary D. Forsee
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/s/ Scott D. Grimes
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Scott D. Grimes
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/s/ Richard L. Hawley
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Richard L. Hawley
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/s/ Thomas D. Hyde
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Thomas D. Hyde
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/s/ B. Anthony Isaac
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B. Anthony Isaac
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/s/ Sandra A.J. Lawrence
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Sandra A.J. Lawrence
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/s/ Ann D. Murtlow
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Ann D. Murtlow
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/s/ Sandra J. Price
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Sandra J. Price
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/s/ John J. Sherman
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John J. Sherman
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/s/ S. Carl Soderstrom, Jr.
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S. Carl Soderstrom, Jr.
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/s/ John A. Stall
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John A. Stall
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/s/ Terry Bassham
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Terry Bassham
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/s/ Mark A. Ruelle
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Mark A. Ruelle
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/s/ Mollie H. Carter
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Mollie H. Carter
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/s/ Charles Q. Chandler, IV
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Charles Q. Chandler, IV
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/s/ Gary D. Forsee
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Gary D. Forsee
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/s/ Scott D. Grimes
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Scott D. Grimes
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/s/ Richard L. Hawley
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Richard L. Hawley
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/s/ Thomas D. Hyde
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Thomas D. Hyde
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/s/ B. Anthony Isaac
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B. Anthony Isaac
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/s/ Sandra A.J. Lawrence
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Sandra A.J. Lawrence
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/s/ Ann D. Murtlow
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Ann D. Murtlow
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/s/ Sandra J. Price
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Sandra J. Price
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/s/ John J. Sherman
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John J. Sherman
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/s/ S. Carl Soderstrom, Jr.
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S. Carl Soderstrom, Jr.
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/s/ John A. Stall
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John A. Stall
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1.
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I have reviewed this annual report on Form 10-K of Evergy, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date:
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March 2, 2020
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/s/ Terry Bassham
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Terry Bassham
President and Chief Executive Officer
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1.
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I have reviewed this annual report on Form 10-K of Evergy, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date:
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March 2, 2020
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/s/Anthony D. Somma
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Anthony D. Somma
Executive Vice President and
Chief Financial Officer
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1.
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I have reviewed this annual report on Form 10-K of Evergy Metro, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date:
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March 2, 2020
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/s/ Terry Bassham
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||
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Terry Bassham
President and Chief Executive Officer
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1.
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I have reviewed this annual report on Form 10-K of Evergy Metro, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
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March 2, 2020
|
/s/ Anthony D. Somma
|
|
|
Anthony D. Somma
Executive Vice President and
Chief Financial Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Evergy Kansas Central, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
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March 2, 2020
|
/s/ Terry Bassham
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||
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|
Terry Bassham
President and Chief Executive Officer
|
1.
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I have reviewed this annual report on Form 10-K of Evergy Kansas Central, Inc.;
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2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date:
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March 2, 2020
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/s/ Anthony D. Somma
|
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Anthony D. Somma
Executive Vice President and
Chief Financial Officer
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Terry Bassham
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Name:
Title:
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Terry Bassham
President and Chief Executive Officer
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Date:
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March 2, 2020
|
|
|
|
/s/Anthony D. Somma
|
Name:
Title:
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
Date:
|
March 2, 2020
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Terry Bassham
|
Name:
Title:
|
Terry Bassham
President and Chief Executive Officer
|
Date:
|
March 2, 2020
|
|
|
|
/s/ Anthony D. Somma
|
Name:
Title:
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
Date:
|
March 2, 2020
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Terry Bassham
|
Name:
Title:
|
Terry Bassham
President and Chief Executive Officer
|
Date:
|
March 2, 2020
|
|
|
|
/s/ Anthony D. Somma
|
Name:
Title:
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
Date:
|
March 2, 2020
|